"M351 Notes-Day 11 Pensions 2-08

"M351 Notes-Day 11 Pensions 2-08 - portion (the...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
M351 Notes, Class 11: Pensions and OPEB, pages 1067-1079 A. Pensions are to be recognized in the company’s balance sheet and in the notes to its financial statements. B. In the company’s balance sheet the net funded status (a net pension asset or a net pension liability) is to be recognized (Projected Benefit Obligation minus the fair value of the plan assets). C. A net pension asset reported on the balance sheet is all long-term (noncurrent). A net pension liability reported on the balance sheet has a current portion (the amount of benefit payments to be made in the next year) and a noncurrent
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: portion (the total pension liability minus the current portion). D. Prior service costs arising in the year of a plan amendment be recognized in both the PBO and in OCI (see the illustration on pages 1070-1072. E. The eight items on pages 1072-1073 are disclosed in either the body of the financial statements or in the notes to the financial statements. F. A comprehensive pension worksheet appears on page 1075 in Illustration 20-29. Above the worksheet on page 1075 are the items entered into the worksheet. E. There is a discussion of pension termination on pages 1078 and 1079. 1...
View Full Document

Ask a homework question - tutors are online