The following information is available for the HTM Corporation defined benefit pension plan:

		2020		2021			2022
Defined benefit obligation, opening balance, accounting basis		175.000			?		?
Fair value of plan assets		165.000			?		?
current service cost		35,000			47,250		52,500
Discount rate		7%			7%		7%
Actual Earned Return on Plan Assets		8%			6%		7%
Contributions (financing)		44.000			44.000		44.000
Benefits paid to retirees		24,000			26,000		28,000

On January 1, 2020, HTM Corp. modified its pension plan, resulting in past service costs with a present value of $78,000.

Which method, ASPE or IFRS, results in a better measure of spending over the three-year period?

Which method, ASPE or IFRS, results in a better measure of the plan surplus or deficit that is reported in the SFP?

Answer rating: 100% (QA)

The ASPE Accounting Standards for Private Enterprises and IFRS International Financial Reporting Standards both provide guidance on accounting for def... View the full answer