AC 302 WEEK 5 Multiple Choice Questions
IFRS Multiple Choice Question 06
The International Accounting Standards Board has proposed changes to IFRS pension accounting including all of the following except
IFRS Multiple Choice Question 08
Your answer is correct.
Midland Company follows U.S. GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. Both companies have defined-benefit pension plans. At December 31, 2015, prior to any adjusting entries, Midland Company- actuarial loss subject to amortization/recognition amounted to $55,000 and Bailey Company- actuarial loss subject to amortization/recognition amounted to $76,000. The remaining services lives of employees at both firms is estimated to be 10 years. What is the maximum amount of loss that could be recognized by each company in its income statement for the year ended December 31, 2015?
Exercise 20-18
The accounting staff of Usher Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2014.
USA 
India