Explain the following terms as used in IAS 19 Employee Benefits: (1) The term 'defined benefit pension plan'. (ii) The basis to be adopted in measuring scheme assets. Giii) The basis to be adopted in measuring scheme liabilities.

Explain the following terms as used in IAS 19 Employee Benefits: (1) The term 'defined benefit pension plan'. (ii) The basis to be adopted in measuring scheme assets. Giii) The basis to be adopted in measuring scheme liabilities.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 12GI

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

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QUESTION 1 Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability  Pension Expense  Other Comprehensive Income (OCI) gain/loss
Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability Pension Expense Other Comprehensive Income (OCI) gain/loss
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Understand the interrelationships among the elements that constitute a definedbenefit pension plan
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Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.
Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Pension Expense Other Comprehensive Income (OCI) gain/loss
Define Pension plan assets.
38. In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as as other comprehensive income (G/L). as accumulated other comprehensive income (PSC). pension asset/liability. an offset to the liability for prior service cost.