Soren is a CPA who is the controller for Vesna Corp. (VC). VC is considering going public in the next several years and has adopted IFRS this year. Soren is considering the impact of adopting IFRS on VC's defined benefit pension plan. Which of the following statements correctly describes a difference between IFRS and ASPE for pension accounting? 

A. Under ASPE, PSC is a re measurement, while under IFRS it forms part of pension expense. 

B. Under IFRS, actuarial valuations are required every three years. Under ASPE, actuarial valuations are not required. 

C. ASPE uses the term "interest expense" whereas IFRS uses "finance cost." 

D. Under ASPE, the expected rate of return is used to determine pension expense, whereas IFRS does not make reference to the discount rate to be used to determine the expected return on plan assets, as the actual return flows to pension expense.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct statement that describes a ... View the full answer