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In a -----------------------------, the employer guarantees to all qualifying employees upon retirement a certain periodic payment and, therefore, bears actuarial risk and investment risk.
In a defined benefit plan, the employer guarantees to all qualifying employees upon retirement a certain periodic payment and, therefore, bears actuarial risk and investment risk.
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In a ---------------------------- plan, the employer makes no guarantee as to the amount of benefit the employee will receive during retirement.
In a defined contribution plan, the employer makes no guarantee as to the amount of benefit the employee will receive during retirement.
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In a defined contribution plan, the employer makes ----------------- as to the amount of benefit the employee will receive during retirement.
In a defined contribution plan, the employer makes no guarantee as to the amount of benefit the employee will receive during retirement.
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--------------------- is a plan amendment that retroactively reduces benefits and decreases the PBO. This decrease (prior service credit) is credited to OCI.
Prior service credit is a plan amendment that retroactively reduces benefits and decreases the PBO. This decrease (prior service credit) is credited to OCI.
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Prior service credit is a plan amendment that retroactively reduces benefits and decreases the PBO. This decrease (prior service credit) is credited to -------------.
Prior service credit is a plan amendment that retroactively reduces benefits and decreases the PBO. This decrease (prior service credit) is credited to OCI.
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-----------------------is the actuarial present value of the future benefits earned by the employees in the current period (as calculated according to the plan’s benefit formula).
Service cost is the actuarial present value of the future benefits earned by the employees in the current period (as calculated according to the plan’s benefit formula).
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Service cost increases ----------------------------- and increases PBO. It is unaffected by the funded status of the plan.
Service cost increases pension expense and increases PBO. It is unaffected by the funded status of the plan.
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Under -----------, remeasurements of the net defined benefit liability (asset) are recognized in OCI.
Under IFRS, remeasurements of the net defined benefit liability (asset) are recognized in OCI.
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Under IFRS, remeasurements of the net defined benefit liability (asset) are recognized in ---------
Under IFRS, remeasurements of the net defined benefit liability (asset) are recognized in OCI.
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If the pension is underfunded, i.e., the --------------------- the fair value of the plan assets at the reporting date, the deficit must be recognized in the statement of financial position as a liability.
If the pension is underfunded, i.e., the PBO exceeds the fair value of the plan assets at the reporting date, the deficit must be recognized in the statement of financial position as a liability.
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If the pension is underfunded, i.e., the PBO exceeds the fair value of the plan assets at the ----------------, the deficit must be recognized in the statement of financial position as a liability.
If the pension is underfunded, i.e., the PBO exceeds the fair value of the plan assets at the reporting date, the deficit must be recognized in the statement of financial position as a liability.
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If the pension is underfunded, i.e., the PBO exceeds the fair value of the plan assets at the reporting date, the deficit must be recognized in the --------------------------------------------.
If the pension is underfunded, i.e., the PBO exceeds the fair value of the plan assets at the reporting date, the deficit must be recognized in the statement of financial position as a liability.
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An employer that sponsors multiple defined benefit plans must account for -----------------------------and recognize (1) an asset for all overfunded plans and (2) a liability for all underfunded plans.
An employer that sponsors multiple defined benefit plans must account for each plan separately and recognize (1) an asset for all overfunded plans and (2) a liability for all underfunded plans.
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An employer that sponsors multiple defined benefit plans must account for each plan separately and recognize (1)------------------------------------ and (2) a------------------------------------
An employer that sponsors multiple defined benefit plans must account for each plan separately and recognize (1) an asset for all overfunded plans and (2) a liability for all underfunded plans.
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If the PBO is overfunded (--------------------------------------------------------), the excess must be recognized in the balance sheet as an asset.
If the PBO is overfunded (fair value of plan assets are greater than PBO), the excess must be recognized in the balance sheet as an asset.
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If the PBO is overfunded (fair value of plan assets are greater than PBO), the excess must be recognized in the --------------------- as an asset.
If the PBO is overfunded (fair value of plan assets are greater than PBO), the excess must be recognized in the balance sheet as an asset.
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If the PBO is overfunded (fair value of plan assets are greater than PBO), the excess must be recognized in the balance sheet as an ----------.
If the PBO is overfunded (fair value of plan assets are greater than PBO), the excess must be recognized in the balance sheet as an asset.
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The ---------------------------- is the amount the projected benefit obligation (PBO) exceeds the fair value of plan assets.
The pension liability is the amount the projected benefit obligation (PBO) exceeds the fair value of plan assets.
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The pension liability is the amount the ------------------------------------ exceeds the ----------------------------------.
The pension liability is the amount the projected benefit obligation (PBO) exceeds the fair value of plan assets.
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A company has an underfunded defined benefit pension plan. During the current year, the company uses the years-of-service method to amortize its prior service cost. What effect will the amortization of prior service cost have on the company’s current-year financial statements?
Other comprehensive income will be increased.
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