Other Deferred Compensation and Benefits

Question 1

Liabilities for postemployment benefit are accrued if all of the following conditions are met?

Answer 1

The employer’s obligation is attributable to services already rendered, obligation relates to rights that vest or accumulate, payment of the compensation is probable, and amount can be reasonably estimated

Question 2

How are deferred compensation arrangements accounted for?

Answer 2

Present value of the benefits expected to be provided in exchange for the employee’s service to date

Question 3

Is accrual of sick pay benefits required under GAAP or IFRS?

Answer 3

IFRS