Business, 18.01.2021 14:00 Alexishp33

The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31, Year 1, the following information is available regarding Kissel's plan: Fair value of plan assets $30,000,000
Present value of defined benefit obligation 38,000,000
Service costs 4,000,000
Interest costs 1200,000
Actuarial gains 150,000
Past service costs 375,000

Required:
Determine the amount that Kissel will report on the balance sheet as of December 31, Year 1, for this pension plan under IFRS.

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Under IFRS, net defined benefit liability is reported in balance sheet when Present value of defined benefit obligation (PVDBO) exceeds Fair value of plan assets(FVPA) which results in deficits.

In this case, PVDBO exceeds FVPA, then the difference betwen the two ix the net defined benefit liability.

Difference of PVDBO and FVPA = $38,000,000 - $30,000,000 = $8,000,000. Hence, net defined benefit liability reported in the balance sheet is $8,000,000.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

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resources

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determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 3...

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