Mila Enterprises Ltd. provides the following information about its defined benefit pension plan:
Balances or Values at December 31, 2013
Defined benefit obligation....................................................$2,737,000
Vested benefit obligation.......................................................1,645,852
Fair value of plan assets.........................................................2,278,329
Other pension plan data:
Current service cost for 2013......................................................94,000
Actual return on plan assets in 2013.............................................130,000
Expected return on plan assets in 2013 using discount rate..................175,680
Interest on Jan. 1, 2013 defined benefit obligation............................253,000
Funding of plan in 2013............................................................92,329
Benefits paid........................................................................140,000
Instructions
*(a) Prepare the required disclosures for Mila's financial statements for the year ended December 31, 2013, assuming the company is not a public company, does not have broad public accountability, and has chosen the defer and amortize approach under ASPE.
(b) Prepare the required disclosures that would be required if Mila's common shares were traded on the Toronto Stock Exchange.
(c) Calculate the January 1, 2013 balances for the pension-related accounts if Mila follows IFRS.