After long talks with the payroll manager of SMS Co., the company under audit, he provided me
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Question:
In addition, during the year 2021, SMS Co recognized current service cost and past services cost of Php1,400,000 and Php600,000. Actual Return on plan assets shows Php160,000 while there is also actuarial loss due to increase in DBO of Php200,000. SMS Co. made aa contribution to the fund of Php800,000 and paid benefits of Php720,000. Discount rate is at 10%.
What is the net defined benefit liability/asset as of December 31, 2021?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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