FAR Chapter 7 Flashcards
1
Q
When Olin’s company implemented the plan and Olinto already had10 of the 20 years of service required, what is the entry the Company records?
A
Dr. OCI (expense not ready for I/S)
Cr. Liability
if the Company increased the % that they’ll pay you
Dr. OCI
Cr. Liability
2
Q
IFRS - what happens if the Company is now giving you a benefit that involved your employment in the past 10 years?
A
Recognize the entire prior period expense on the current year
