Identify each of the following statements as True or False:

Examples of post-employment benefits within the scope of AASB 119 include superannuation, termination benefits, free travel, and administrative support. True or False

The employer bears the risk in a defined benefit plan, whereas the employee bears the risk in a defined contribution plan. True or False

Accounting for defined contribution plans is straightforward because there is no possibility of any actuarial gain or loss. True or False

For defined benefit plan, when the fair value of plan assets is less than the present value of defined benefit obligation at the reporting date, the employer and entrusted financial institution are obligated to make additional payment to the plan assets. True or False