Great Cosmetics Corp., a company reporting under IFRS, has a defined benefit pension plan. Pension information concerning
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Question:
Great Cosmetics Corp., a company reporting under IFRS, has a defined benefit pension plan. Pension information concerning the 2019 and 2020 fiscal years is presented below (in millions):
Information provided by the pension plan actuary
Defined benefit obligation (DBO), December 31, 2019 | $2,000 |
Past service cost (PSC) from a plan amendment made January 2, 2020 | 400 |
Current service cost (CSC) for 2020 | 520 |
2020 interest cost on DBO, based on 10% discount rate | 180 |
2020 actuarial gain on DBO arising from a change in estimate | 250 |
Benefits paid | 0 |
Funding for the year | 0 |
Information provided by the pension plan trustee
Fair value of plan assets, January 1, 2020 | $1,800 |
Actual return on plan assets | 180 |
What is the net defined benefit liability/asset balance on the balance sheet at January 1, 2020?
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Related Book For
Taxes and Business Strategy A Planning Approach
ISBN: 9780132752671
5th edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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