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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.
Describe how an experience-rating system is used in determining employers’ contributions to state unemployment compensation funds
Is deferred liabilities are payroll related liability?
The employment income of an individual is reported on ________ slip, while investment income are reported on _________ or _________ slips.
i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on employees. O difficult to determine without knowing the relative labor supply and demand elasticities. progressive, if the incidence is on employers. O proportional, if the incidence is on employers.
FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B, False
Define salaries payable.
What are the Conditions for Accrual of Paid Future Absences?
Describe the basic requirements for an individual to be classified as an employer or an employee under the Federal Unemployment Tax Act.
1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws. Salary Gross compensation Net compensation Any of the above 2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation. Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true 3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…
2. Please give two examples of withholdings from employees' pay and explain whether your selected withholdings are considered required or voluntary.
**Please provide in details How is the Accumulated Benefit Obligation (ABO) different from the Projected Benefit Obligation (PBO)? What events may cause the balance of the PBO to change?