Doupnik - International Accounting 4e - CH5

Doupnik - International Accounting 4e - CH5 - 5.1 present...

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5.1 present obligation, probable that it will be paid, reasonably estimable (same as contingent liability in US gaap), recognized in the financial statements 5.2 possible obligation, less than probable, or probably but don’t know the amount, disclose in footnotes 5.3 you accept responsibility for doing something (closing a plant in a few months, pay employees to stay till the end or transfer them to another plant, if they leave they are owed nothing) 5.4 unavoidable costs exceed economic benefit, provision recognized for unavoidable costs 5.5 present value of defined benefit obligations-fair value of plan assets, under gaap there is no asset ceiling 5.6 post service costs are recognized now, under us gaap it is amortized over vesting period actual gains/losses are put in oci, us gaap choice between oci/ni 5.7 fair value of goods or services received 5.8 single date, straight line basis over service period, installment is amortized over vesting period 5.9 when choice hasn’t been made treat as a compound instrument and split amount based on
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