Question
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded.
2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments.
3. Which of the following pension-related definitions is not correct?
a. Present value is the current worth of an amount or amounts payable or receivable in the future.
b. Vested benefits are payments that are not contingent on the employee's continuing in the service of the employer.
c. Service cost is the amount paid annually to a funding agency under an unfunded pension plan.
d. Actuarial assumptions are those made by actuaries concerning future events affecting pension costs.
4. Which of the following would not be a component of pension expense?
a. return on assets
b. interest cost
c. deferred compensation
d. prior service cost amortization
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