Statement of Financial Performance (SFP)
Goodday Ltd. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances $5,215,000 4,810,000 Defined benefit obligation, end of 20X7 Pension plan assets, fair value, end of 20X7 SFP net defined benefit liability, end of 20X7 SFP accumulated OCI, pension, end of 20X7 Retained eamings, end of 20X7 20x8 earnings, prior to any pension expense Current service cost for 20X8, measured using the projected 405,000 cr 69,200 dr 8,601,400 cr New past service cost granted in 20X8, negative because Contributions made to the pension plan assets paid at end of Actuarial gain in 20X8, negative because caused by higher Actual earnings in the fund, reported by the pension fund trustee Benefits paid to pensioners from Pension fund assets paid at Interest rate on long-term corporate bonds, end of 20X8 unit credit method benefits were reduced and the liability has declined 20X8 anticipated future mortality rates and the liability has declined including interest, dividends, and change in fair value end of 20X8 4,200,000 cr 601,900 (356,000) 450,000 (106,000) 144,800 67,900 5% Required Calculate the balances of the defined benefit obligation and the pension plan assets at the end of 20X8. Use these values to calculate the SFP net defined benefit plan element for Goodday at the end of 20X8 Defined benefit obligation Pension plan assets Net defined benefit pension plan liability Goodday Ltd. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances $5,215,000 4,810,000 Defined benefit obligation, end of 20X7 Pension plan assets, fair value, end of 20X7 SFP net defined benefit liability, end of 20X7 SFP accumulated OCI, pension, end of 20X7 Retained eamings, end of 20X7 20x8 earnings, prior to any pension expense Current service cost for 20X8, measured using the projected 405,000 cr 69,200 dr 8,601,400 cr New past service cost granted in 20X8, negative because Contributions made to the pension plan assets paid at end of Actuarial gain in 20X8, negative because caused by higher Actual earnings in the fund, reported by the pension fund trustee Benefits paid to pensioners from Pension fund assets paid at Interest rate on long-term corporate bonds, end of 20X8 unit credit method benefits were reduced and the liability has declined 20X8 anticipated future mortality rates and the liability has declined including interest, dividends, and change in fair value end of 20X8 4,200,000 cr 601,900 (356,000) 450,000 (106,000) 144,800 67,900 5% Required Calculate the balances of the defined benefit obligation and the pension plan assets at the end of 20X8. Use these values to calculate the SFP net defined benefit plan element for Goodday at the end of 20X8 Defined benefit obligation Pension plan assets Net defined benefit pension plan liability
