What's New SSAP 34 Employee Benefits Consultancy SSAP 34 Employee Benefits was issued in December 2001 which will be regarded as a standard in respect of financial reporting periods beginning on or after 1 January 2002. SSAP 34 specifies the need for the companies to identify their obligations in respect of Short-term benefits, Termination benefits, Equity compensation benefits, Long Service Payment obligations or post employment benefits. Based on SSAP34, post employment benefits are further classified as defined contribution plans and defined benefit plans. SSAP 34 prescribes the ways assumptions made, more specifically the actuarial assumptions in calculating the companies' obligations. As set out in SSAP 34, it is the employer's responsibility to set those actuarial assumptions. However, BMIA can help in: providing assistance in setting those actuarial assumptions by proposing a set of assumptions that may be considered by the company; applying actuarial techniques to make a reliable estimate of the amount of employee benefit obligations that can be adopted by the company; estimating the demographic variables and financial variables such as employee turnover and increment in salaries as a basis in determining the actuarial gains and losses applicable to the company; determining defined benefit liability (or asset) at the balance sheet date and defined benefit expense (or income) for the period; determining the resulting gain or loss where a plan has been curtailed or settled.