Both AS 15 andIndAS 19 are accounting standards for employee benefit schemes.
Ind AS refers to Indian Accounting Standards and are an adoption of the IAS (International Accounting Standard). The Ind AS are harmonised with the IFRS (International Financial Reporting Standards) to make reporting by Indian companies more globally accessible. IndAS 19 is adopted from and is similar to IAS 19.
Before Ind AS were introduced, all Indian companies were following Indian GAAP (generally accepted accounting principles). AS 15 is the accounting standard for employment benefit schemes under Indian GAAP published by ICAI.
IndAS19 applies to any company that meets either of the following 3 conditions:
A listed company or in the process
Net worth >₹250 crores
Any subsidiary or holding of the above mentioned companies
If your company does not fulfil any of the above criteria, then most likely AS15 is the applicable accounting standard. However, a company can also voluntarily use IndAS for its accounting treatment and in this case IndAS 19 applies.
Need for Actuarial Valuation
Why do IndAS 19 and AS 15 require actuarial valuation?
AS 15 requires that “it is the responsibility of the reporting enterprise to measure the obligations under the defined benefit plans, it is recognized that for doing so the enterprise would normally use the services of a qualified actuary“.
Similarly, IndAS 19 “encourages, but does not require, an entity to involve a qualified actuary in the measurement of all material post-employment benefit obligations“