Asked by
Verified
Accounting principles for defined benefit pension plans under IFRS differ from U.S.GAAP in all of the following areas except that under IFRS
A) certain components of pension expense may be reported as a part of different line items in the income statement
B) actuarial gains and losses may be recognized in full in the period in which they occur directly into equity
C) any portion of prior service cost that is not vested must be recognized on the balance sheet as a component of other comprehensive income
D) any portion of prior service cost that is immediately vested must be expensed
IFRS
The International Financial Reporting Standards are a set of accounting principles used internationally to ensure financial statements are comparable across international boundaries.
US GAAP
United States Generally Accepted Accounting Principles, which govern the preparation and reporting of financial statements in the U.S.
Prior Service Cost
Costs recognized when a pension plan is amended to increase benefits for employee service in prior periods, typically amortized over time.
- Absorb the essential regulatory and reporting stipulations for pension plans outlined by the latest Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Verified Answer
Learning Objectives
- Absorb the essential regulatory and reporting stipulations for pension plans outlined by the latest Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Related questions
ACME Has a Defined Benefit Pension Plan ...
Unrecognized Prior Service Cost Would Be Reported on the Balance ...
The Expense for Other Postretirement Benefits, Such as Health Care ...
Current GAAP Requires That the Net Gain or Loss from ...
Which of the Following Statements Regarding Postretirement Benefits Other Than ...