PAS 24 requires the disclosure of key management personnel compensation. Which of the following is not included in this disclosure? * termination benefits share-based payment reimbursements of officers’ out-of-pocket expenses short-term employee benefits

PAS 24 requires the disclosure of key management personnel compensation. Which of the following is not included in this disclosure? * termination benefits share-based payment reimbursements of officers’ out-of-pocket expenses short-term employee benefits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following reason out the use of projected salaries as the base of computing the projected benefit obligation, except failure to incorporate salary projections, when most funding is based on salary projections, may result in the reporting of an apparent overfunding when the plan is not overfunded, or in reporting adequate funding when the plan is underfunded increases in benefits attributable to a salary increase become an obligation of the plan at the time of the salary increase under final pay plans, benefits are determined by reference to salaries at or near retirement date; hence salaries, contribution levels and rates of return must be projected financial information should be prepared on a going concern basis, irrespective of the assumptions and estimates that must be made
Which of the following does not describe a defined contribution plan? The employer bears the risk of investment in a defined contribution plan. The contribution is certain but the benefit is uncertain. If the plan does poorly, the employee will share in the loss by paying more contributions. The accumulated fund on the date of an employee’s retirement determines the benefit.
Classify each of the following independent statements as applying to a "Defined Contribution plan", "Defined Benefit plan", "Both" or "Neither" by selecting from the dropdown list. Type of Plan The amount to be received at retirement depends on actuarial calculations. Defined Benefit plan a. b. Forfeitures can be allocated to the remaining participants' accounts. c. Requires greater reporting requirements and more actuarial and administrative costs. d. May exclude employees who begin employment within five years of normal retirement age. e. Annual addition to each employee's account may not exceed the smaller of $58,000 or 100% of the employee's salary. f. The final benefit to a participant depends upon investment performance.
Under IFRS, the amounts of long-term employment benefits, such as paid absences and unrestricted sabbaticals, as well as short-term benefits during employment, such as sick leave and vacation pay, are often estimates that need to be remeasured. How are these remeasurements reflected on the financial statements? O Both are included in other comprehensive income. O Remeasurements of long-term employment benefits are included in other comprehensive income, while remeasurements of short-term benefits are included in net income O Both are included in net income. O Remeasurements of long-term employment benefits are included in net income, while remeasurements of short-term benefits are included in other comprehensive income.
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken?
Which of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1. Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2. Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.
Which of the following statements is true regarding postretirement health care benefit obligations and their accounting? a. The estimates involved in accounting for such benefits are generally less complex than those associated with accounting for pensions. b. Such benefits are usually provided as part of a defined contribution postretirement benefits plan. c. Employers usually offer multiple varying tiers of coverage based on beneficiaries’ length of service with the company. d. The gross cost of providing such coverage is commonly offset by government-provided health insurance.
SFAS No. 87, “Employers’ Accounting for Pensions,” requires an understanding of certainterms Required Discuss the composition and treatment of the minimum liability provision
Which of the following characteristics is/are indicative of a post-employment defined contribution plan? If actuarial or investment experience are worse than expected, the entity’s obligation may be increased. The amount to be received by the employee is determined by the amount of contributions paid by an entity to the plan, with investment returns arising from the contributions. The entity’s obligation is to provide the agreed benefits to current and former employees. The entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Group of answer choices Only statements 1 and 2. Only statements 2 and 3. Only statements 2 and 4. Only statements 3 and 4.
Recording employee payroll deductions may involve: Multiple Choice Liabilities to the employer. Liabilities to federal and state governments. Expenses for state unemployment. Expenses for the gross wages and salaries. Expenses for the employer portion of any medical insurance.
True or false. Reporting the deduction for employers reimbursed travel expenses on schedule C is the same for accountable and non accountable plans.
When the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed