Chapter 6 Flashcards
1
Q
What is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date and based on past and current compensation levels only?
A
Accumulated Benefit Obligation
2
Q
The funded status of a defined benefit pension plan for a company should be reported in:
A
Stmt of financial position/Balance sheet
3
Q
should funded statuses for each plan be netted together or reported separately on b/s?
A
they should be calculated and disclosed separately.
4
Q
Should DTA and DTL be netted on balance sheet?
A
Yes - only if both are related to current or concurrent. Must keep current and non-current separate.
