The following is partial information related to Stanley Ltd.'s non-pension, post-retirement benefit plan at December 31, 2013:
Accrued post-retirement benefit obligation, accounting basis...........$190,000
Accrued post-retirement benefit obligation, funding basis................155,000
Plan assets (at fair value)........................................................130,000
Past service cost arising in current year.........................................12,000
Amortization expense of $1,000 was incurred in the year related to the past service costs.
Instructions
*(a) Prepare a schedule reconciling the funded status with the asset/liability reported on the statement of financial position at December 31, 2013, assuming that Stanley Ltd. applies the deferral and amortization approach under ASPE.
(b) Prepare a schedule reconciling the funded status with the asset/liability reported on the statement of financial position at December 31, 2013, assuming that Stanley Ltd. applies the immediate recognition approach under IFRS.