The following information (in m) relates to the defined benefit scheme of Basil plc for the year

Question:

The following information (in £m) relates to the defined benefit scheme of Basil plc for the year ended 31 December 2021: 

Fair value of plan assets at 1 January 2021 £3,150 and at 31 December 2021 £3,386; contributions £26; current service cost £80; benefits paid £85; past service cost £150; present value of the obligation at 1 January 2021£3,750 and at 31 December 2021£4,192. The discount rate was 7% at 31 December 2020 and 8% at 31 December 2021.


Required:

Show the amounts that will be recognised in the statement of comprehensive income and statement of financial position for Basil plc for the year ended 31 December 2021 under IAS 19 and the movement in the net liability.  

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Financial Accounting And Reporting

ISBN: 9781292399805

20th Edition

Authors: Barry Elliott, Jamie Elliott

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