The following is partial information related to Stanley Ltd.'s non-pension, post-retirement benefit plan at December 31, 2013:
Question:
Accrued post-retirement benefit obligation, accounting basis...........$190,000
Accrued post-retirement benefit obligation, funding basis................155,000
Plan assets (at fair value)........................................................130,000
Past service cost arising in current year.........................................12,000
Amortization expense of $1,000 was incurred in the year related to the past service costs.
Instructions
*(a) Prepare a schedule reconciling the funded status with the asset/liability reported on the statement of financial position at December 31, 2013, assuming that Stanley Ltd. applies the deferral and amortization approach under ASPE.
(b) Prepare a schedule reconciling the funded status with the asset/liability reported on the statement of financial position at December 31, 2013, assuming that Stanley Ltd. applies the immediate recognition approach under IFRS.
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Related Book For
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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