Help In pension accounting, actuarial gains and losses area) Recognized in other comprehensive incomeb) Always recognized immediately in profit or lossc) Deferred indefinitelyd) Added to pension obligation directly

In pension accounting, actuarial gains and losses are: a) Recognized in other comprehensive income.…

Answered: In pension accounting, actuarial gains…

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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1. When an entity amends a pension plan, past service cost should be Recorded in other comprehensive income. Expensed in the period the plan is amended. Amortized over the service period of the employees Treated as prior period error.
Any past service costs should be included in the a) pension expense of past periods. b) pension expense of the current period. c) pension expense of current and future periods. d) plan assets.
1 a. Briefly describe how are pension gains and losses recognized. b. Explain what are pension gains and losses and why they are not recognized in net income in the period in which they arise.
Describe how pension expense is a composite of periodic changes that occur in both the pension obligation and the plan assets.
What is the development of a "asset gain or loss" in the context of pension accounting? What is the development of a "liability gain or loss" in pension accounting?
Under IFRS, which of the following statements is true regarding accounting for defined benefit pension plan settlements? Select one: a. Settlements increase the defined benefit obligation (DBO). b. Any gain or loss on a plan settlement is presented as part of other comprehensive income c. The difference between the change in the DBO and the change in the plan assets as a result of the plan settlement is recognized as a gain or loss. d. Settlements increase the plan assets
Which of the following is not a component of pension expense? a. amount funded b. service cost c. expected return on plan assets d. interest cost
What method should be used to account for profits or losses associated with pension plan assets? What is the relationship between this treatment and the handling of profits or losses connected to the pension obligation?
pension liability is reported when the projected benefit obligation exceeds the fair value of pension plan assets Ⓒthe accumulated benefit obligation is less than the fair value of pension plan assets. the pension expense reported for the period is greater than the funding amount for the same period accumulated other comprehensive income exceeds the fair value of pension plan assets
QUESTION 3 a) Explain the following terms as used in IAS 19 Employee Benefits: (i) The term 'defined benefit pension plan'. (ii) The basis to be adopted in measuring scheme assets. (iii) The basis to be adopted in measuring scheme liabilities.
Under PAS 26 (Accounting and Reporting by Retirement Benefit Plans), investments held by retirement benefit plans should be stated at which of the following value in their statement of net assets? Fair Value Value in use Net Realizable Value Orig cost less impairment
Which is correct concerning the effect of asset ceiling in a defined benefit plan?

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In pension accounting, actuarial gains and losses are a) Recognized in other comprehensive income b) Always recognized immediately in profit or loss c) Deferred indefinitely d) Added to pension obligation directly