EACH QUESTION IS DIFFERENT:

Please help with the boxes in red

FOLLOW IFRS

FOLLOW ASPE

For each of the following, indicate whether the item would increase pension expense for the current year, decrease pension expense for the current year, or have no effect on pension expense for the current year. Assume a defined benefit pension plan, and that IFRS is followed. (a) Service cost for the current year. Increase A (b) Past service costs granted during the year. Increase (c) Benefits paid to retired employees. No Effect - (d) Actuaries have made changes that lower their estimates of future benefit costs. Decrease (e) Return on plan assets. Decrease (f) Interest earned on pension assets was lower than expected. No Effect - (g) New statistics used by the actuary indicate increased life expectancy after retirement. Increase A (h) No Effect A The stock market is expected to experience steep losses for the current year and for the next several years. New union contract lowers the average anticipated earnings for employees at the time of their retirement. (i) Decrease For each of the following, indicate whether the item would increase pension expense for the current year, decrease pension expense for the current year, or have no effect on pension expense for the current year. Assume a defined benefit pension plan, and that ASPE is followed. (a) The discount rate is applied to plan assets. Decrease (b) Past service costs granted during the year. Increase (c) Benefits paid to retired employees. No Effect (d) age and Increase Current statistics used by the actuary indicate more employees are retiring at an earlier are living longer. Service cost for the current year. (e) Increase (f) Actual interest earned on pension assets was higher than expected. Decrease (g) Increase Current statistics used by the actuary indicate that new developments in medical treatments are extending life expectancy. New union contract raises the average anticipated earnings for employees on retirement. (h) Increase (i) Increase The stock market is expected to experience stronger positive gains for the current year and for the next several years than had previously been expected