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19 Μαΐ 2024 · The components of pension expense—service cost, interest cost, and expected return on plan assets—are aggregated to present a net pension expense figure. This figure directly impacts the company’s profitability and financial health, making it essential for accurate and transparent reporting.
Past Service Cost: These costs arise from plan initiations, plan amendments, and reductions in the number of employees under pension plans; Interest Cost: The increase in the overall pension obligation due to the passage of time
guidance for recognition and measurement of pension costs and obligations. ASC 715-60, Defined Benefit Plans—Other Postretirement, prescribes the methodology for measuring and recording other postretirement benefit (OPEB) costs and obligations. The accounting concept underlying ASC 715 is straightforward: an employer's
1 Σεπ 2023 · Pension costs include service cost, interest cost, actual return on plan assets, amortization of prior service costs, and gains/losses, contributing to the net periodic pension cost. Actuaries assess actuarial liabilities against plan assets, leading to unfunded liabilities or asset surplus based on the comparison.
The accounting concept underlying ASC 715 is straightforward: an employer's promise to provide employees with postretirement benefits represents a form of deferred compensation. The cost of those benefits should be recognized systematically over employees' service periods.
IAS 19 Employee Benefits is concerned with the determination of the cost of retirement benefits in the financial statements of employers having plans. Hence this Standard complements IAS 19. Retirement benefit plans may be defined contribution plans or defined benefit plans.
IAS 19 Employee Benefits replaced IAS 19 Accounting for Retirement Benefits in the Financial Statements of Employers (issued in January 1983). IAS 19 was further amended in 1993 and renamed as IAS 19 Retirement Benefit Costs. The Board amended the accounting for multi-employer plans and group plans in December 2004.
