White River Company has a defined benefit pension plan in which the fair value of plan assets

Question:

White River Company has a defined benefit pension plan in which the fair value of plan assets (FVPA) exceeds the present value of defined benefit obligations (PVDBO). The following information is available at December 31, Year 1 (amounts in millions):
PVDBO ………………………….. $3,200
FVPA …………………………….. 3,700
Because the FVPA exceeds the PVDBO, White River will be able to reduce future contributions to the plan for several years. The present value of reductions in future contributions is $100 million.
Required:
Determine the amount at which White River Company will report a defined pension benefit asset on its December 31, Year 1, under (a) IFRS and (b) U.S.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...