The prescribed rules for the accounting for employee benefits under IFRS have evolved markedly over the past 25 years. IAS 19 provides broad guidance, applicable to all employee benefits, not merely to pension plans. The objective of employee benefit accounting is primarily the appropriate determination of periodic cost. IAS 19 identifies and provides accounting direction for four categories of employee benefits: short-term benefits such as wages, bonuses, and emoluments such as medical care; postemployment benefits such as pensions and other postretirement benefits; other long-term benefits such as sabbatical leave; and termination benefits. IFRIC 14 addresses the extent to which the economic benefit, via refund or reduction in future contributions, is constrained by contractual or statutory minimum funding obligations. If an entity has more than one plan, IAS 19 provisions should be applied separately to each plan.