Using the data provided in BE19-23, determine the ending balance of the plan assets and indicate the funded status of the plan at the end of the year under IFRS.
In BE19-23
Silva Blanca Fashions, Inc. sponsors a defined-benefit pension plan for its employees. The company’s pension trust provided the following information: Fair value of beginning plan assets, $ 569,000; projected benefit obligation at the beginning of the year, $ 678,000; service cost, $ 54,000; interest on PVDBO, $ 56,900; actual loss on plan assets, $ 35,800; actuarial gains due to changes in assumptions about PVDBO, $ 98,543; benefit payments made to retirees, $ 29,780; and contributions made by the sponsor corporation, $ 86,500. Compute the ending balance of the PVDBO under IFRS.