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Types of pension schemes: 2 开始学习
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Defined contribution, | Defined benefits. CB
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Defined contribution pension scheme definition. 3 开始学习
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An entity pays fixed contributions | and will have NO legal or constructive obligation to pay further contributions | if the fund does not hold sufficient assets to pay all employee benefits.
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Defined benefit pension scheme. 开始学习
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A pension scheme that is not a defined contribution scheme, so constructive or legal obligation exist.
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For a defined contribution scheme, contributions payable are recognised as ... in... 2 开始学习
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IAS 19 requires that plan assets are measured at their ... at the at the end of the reporting period. IAS 19: Employee benefits. 开始学习
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IAS 19 requires that plan liabilities are measured on ... basis. 开始学习
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IAS 19 requires that plan liabilities are measured on an actuarial basis and are discounted to ... at end of the reporting period. 开始学习
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Where there is a net asset, the asset ceiling applies. This restricts... 开始学习
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the VALUE OF THE NET ASSETS reported to the extent that it is regarded as RECOVERABLE. 'value of the net assets'
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Current service cost definition. 2cz 开始学习
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'increase in the PV of the defined benefit obligation | resulting from employee service in the current period' This is part of the service cost component.
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Past service cost definition. 3cz 开始学习
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change in PV of the defined benefit obligation| for employee service in prior periods| resulting from a plan amendment or curtailment in a current period This is part of the service cost component.
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Curtailment arises when... 开始学习
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when there is a SIGNIFICANT reduction in the number of employees covered by a plan. Any gain or loss on curtailment is part of the service cost component.
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A settlement arises when... 开始学习
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when an entity enters into a transaction | to TERMINATE all or part of the benefits | due to one or more employees under a plan. This is part of the service cost component.
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2 开始学习
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The change in measurement in both the plan obligation and the plan assets | due to the passage of time. plan obligation | plan assets
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NIC is largely calculated by... 3cz 开始学习
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by applying a single discount rate | to the net difference* | between the defined benefit obligation and the FV of the plan assets.
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NIC is charged (or credited) to... IAS 19 Employee benefits 开始学习
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The remeasurement component arises due to... 开始学习
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due to differences between the ACCOUNTING ESTIMATES made when for the defined benefit plan, and what has actually happened.
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The remeasurement component is taken to... 开始学习
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Items of Defined Benefit pension plan are recognised in three statements: 3 开始学习
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Items of Defined Benefit pension plan recognised in PoL: 2 开始学习
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Service cost component | Net interest component.
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Item of Defined Benefit pension plan recognised in OCI: 开始学习
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Items of Defined Benefit pension plan recognised in SoFP: 3 开始学习
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Plan obligation, | Plan assets, | Asset ceiling*. *If a company has an overall pension asset on its SoFP then the asset can only be recognised up to the level of the asset ceiling. Asset ceiling is the PV of any future cash savings of not having to contribute to the scheme as it is in surplus.
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Treatment of other long-term employee benefits: 2cz 开始学习
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Account for in similar way to defined benefit pension plans | - spread cost over service period.
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Treatment of short-term employee benefits. 2cz 开始学习
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Normal accrual accounting. | Cumulating or non-cumulating.
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Treatment of termination benefits. 2cz 开始学习
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Recognise when an plan Obligation | or when related Restructuring costs are recognised. OR
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Any gain or loss on CURTAILMENT is part of... 开始学习
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of the service cost component. e.g. 600 (plan obligation) - 10% = 540 | Gain is 60.
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SCC is charged to PoL and is comprised of 3elements: 3 开始学习
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Current SC, | Past SC, | any PoL on settlement.
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