26 March 2008
The estimated obligation you have to discounted in its present value as at the balance sheet date by applying the discount rate of the YTM of a Govt bond as on the balance sheet date. Fair value means the value by whcih you can able to repay the obligation of the same amount .it has the same meaning as ohterwhere mentioned in other AS. Unrecognised past service cost means the employee alredady provided his service in the past but the employer is not in a position of recognised his benefits accrue to him or in otherway.
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