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42.1 Accounting principles

Annual Report 2019 > 42.1 Accounting principles
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In connection with the adopted accounting policies and the fact that PZU Group companies have not singled out defined benefit plan assets, the carrying amount of defined benefit plan provisions equals to the present value of liabilities corresponding to them.

Defined contribution plans include the costs of contributions constituting statutory charges on employee salaries incurred by the employer. They include, among others, part of the contributions for retirement and disability pension insurance, Labor Fund, Guaranteed Employee Benefit Fund and the charge for the Company Social Benefit Fund. The costs of defined contribution plans are charged to the profit and loss account in the period to which they pertain.

Defined benefit plans include, among others, the costs of retirement severance pays and post-mortem benefits. The costs of defined benefit plans estimated using actuarial methods are recognized on an accrual basis by applying the forecast specific entitlements method.

Actuarial gains and losses are recognized in full in the period in which they occurred in the “Actuarial gains and losses related to provisions for employee benefits” item in other comprehensive income. More information is presented in section 40.3.1.

The cost of employee vacation time is recognized on an accrual basis, using the liability method. The liability on account of employee vacation time is determined based on the difference between the actual amount of vacation time used by employees and the amount that would have been used if the vacation time had been taken pro rata to the elapse of time in the period when the employees are entitled to their vacation time.