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QUESTION 5 (15 MARKS) The directors of Amax Limited are considering a pension plan for its employees and have heard of the defined benefits

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QUESTION 5 (15 MARKS) The directors of Amax Limited are considering a pension plan for its employees and have heard of the defined benefits plan and the defined contribution plan. Based on IAS 19, Employee Benefits, differentiate the two plans and explain how pension plans are accounted for under the standard (15 marks)

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