Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the period

Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the period

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 41RSCQ

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Under IFRS, the amounts of long-term employment benefits, such as paid absences and unrestricted sabbaticals, as well as short-term benefits during employment, such as sick leave and vacation pay, are often estimates that need to be remeasured. How are these remeasurements reflected on the financial statements? O Both are included in other comprehensive income. O Remeasurements of long-term employment benefits are included in other comprehensive income, while remeasurements of short-term benefits are included in net income O Both are included in net income. O Remeasurements of long-term employment benefits are included in net income, while remeasurements of short-term benefits are included in other comprehensive income.
Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair value
Which of the following is a characteristic of the accumulated benefit obligation measurement? Group of answer choices It considers only vested employees. It considers only current employees. It does not use projected future salary levels. It is required by GAAP for measurement of the pension obligation.
The actuarial present value of all the benefits attributed by the pension benefit formula to employee service rendered before a specified date based on expected future compensation levels is the: a. projected benefit obligation b. prior service cost c. service cost d. accumulated benefit obligation
Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.
Which of the following criteria is not required for the recognition of a liability for compensated absences? The amount of the obligation must be estimable. Payment of the obligation will require the use of current assets. Payment of the obligation must be probable. The compensation either evsts with the employee ir can be carried forward to subsequent years.
These are employee benefits (other than termination than termination benefits) which are payable after the completion of employment a. Short term b. Other long-term c. Share-based d. Post-employment
Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . Remeasurements
Which of the following increases the Employee Benefit Expense? Actual return on plan assets Gain on remeasurement of plan assets Interest income on plan assets Loss on settlement of benefit obligation
Which of the following is a demographic assumption for purposes of applying PAS 19?A. Future salary and benefit levelsB. Future medical costs, if any, including cost of administering claims and paymentsC. Mortality both during and after employmentD. Changes in the discount rate
In determining the present value of the prospective benefits (often referred to as the defined benefit obligation), the following are considered by the actuary: retirement and mortality rate. interest rates. benefit provisions of the plan. d. all of these factors.
Question text In determining the present value of the prospective benefits (often referred to as the defined benefit obligation), the following are considered by the actuary: Select one: а. retirement and mortality rate. b. benefit provisions of the plan. c. all of these factors d. interest rates.