Pensions - Balance Sheet Reporting Flashcards
1
Q
Liability Amount of Pensions
A
End of year Projected Benefit Obligation minus Plan assets
2
Q
Annual Service Costs
A
Increases PBO
3
Q
Defined Benefit Plan
A
Is based on Retirement age, Increase in Salary and Life expectancy
Not subject to rise and fall of stock market
4
Q
Services costs
A
Is recognized at the end of the year
5
Q
In a Defined Contribution plan
A
After amounts are contributed - no other liability remains
