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lyudmila [28]
3 years ago
11

On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of pas

t service costs. The plan has 100 active employees with an average expected remaining working life of 10 years. There currently are no retirees under the plan. Required: Determine the amount of past service costs to be amortized in Year 1 and subsequent years under (a) IFRS and (b) U.S. GAAP.
Business
1 answer:
Lapatulllka [165]3 years ago
3 0

Answer:

Check the explanation

Explanation:

a)

In IFRS according to IAS 19 all past service cost is recognized in the net income in the period in which amendment (change) is made by entity for defined benefit pension, it does not matter what is the status of the employees who will benefit the change. So in Year 1 $150000 will be expended completely and in subsequent years the amount is $0

Year 1 =$150000

Subsequent years= $0

b) In US GAAP the past service cost is recorded in Accumulated other comprehensive income in the year of amendment. It is amortized over the future working life of the participants.

Year 1 is year of adoption hence $0 is amortized because $150000 is included in Accumulated other comprehensive income.

Subsequent years: (150000/10=15000) $15000 will be amortized for each year for 10 years.

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