GOSI Employer Share

Code: 2162
👁 Views: 243

Account Information

Financial Statement Statement of Financial Position
Normal Balance Credit

Definition

GOSI contributions payable by the employer

Common Journal Entries

Record employer GOSI share

Dr. Social Insurance Expense
Cr. GOSI Employer Share

Pay employer GOSI share

Dr. GOSI Employer Share
Cr. Bank Account

Adjust employer share after rate change

Dr. Social Insurance Expense
Cr. GOSI Employer Share

Combine and pay both GOSI shares

Dr. GOSI Employee Share
Dr. GOSI Employer Share
Cr. Bank Account

Record employer GOSI share

Dr. Social Insurance Expense
Cr. GOSI Employer Share

Pay employer GOSI share

Dr. GOSI Employer Share
Cr. Bank Account

Adjust employer share after rate change

Dr. Social Insurance Expense
Cr. GOSI Employer Share

Combine and pay both GOSI shares

Dr. GOSI Employee Share
Dr. GOSI Employer Share
Cr. Bank Account

📐 IFRS vs US GAAP Accounting Treatment

IFRS IAS 19 Employee Benefits
US GAAP ASC 710 Compensation - General

❓ Frequently Asked Questions

Q: What is the employer's share of social insurance?

A: An additional percentage borne by the employer (e.g., 12% in Saudi Arabia) not deducted from the employee's salary, remitted to the insurance authority.