FWB plc operates a defined benefit pension plan for its employees. The directors of FWB

plc have adopted the revised provisions of IAS $19($R$)$ Employee Benefits.

At $1$ April $2013$ the fair value of the pension plan assets was $2,700,000$ and the present

value of the pension plan obligations was $3,000,000.$

The service cost for the year ended $31$ March $2014$ was $650,000.$ On $1$ April $2013$ the

pension plan was amended to offer additional benefits to members resulting in past

service costs of $200,000.$ The relevant discount rate for the year ended $31$ March $2014$

was estimated at $5\%$ and FWB plc paid $950,000$ in contributions to the plan. The

pension plan paid $320,000$ to retired members in the year to $31$ March $2014.$

At $31$ March $2014$ the fair value of the pension plan assets was $3,600,000$ and the

present value of the pension plan obligations was $3,800,000.$

REQUIRED:

a$)$ Prepare, in accordance with IAS $19($revised$)$ Employee Benefits, the pension extracts in

the income statement and statement of financial position for the year ended $31$ March

b$)$ Calculate the amounts that will be included in the other comprehensive income for the

year ended $31$ March $2014,$ and pension funded status for the year $2013$ and $2014.$