AASB 119 requires employee benefits that are expected to be wholly settled beyond 12 months after the period when the services are rendered to be measured on a discounted basis. Therefore, entities need to apply the wage inflation and discount rates in estimating annual leave and long service leave when measuring those liabilities on the discounted basis.
The wage inflation and discount rates are used to calculate an entity’s liabilities for annual leave and long service leave if the discounted basis is used.
As previously advised, DTF has withdrawn the 2008 long service leave model.
Please refer to the Wage inflation and discount rates page to access these rates.
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