Reference no: EM133064558
Question - Pension Expense, IFRS and ASPE, Reduced Past Service Costs - The following information concerns Saverio Corp.'s defined benefit pension plan.
Defined benefit obligation, 1/1/20 (before amendment) $239,000
Plan assets, 1/1/20 155,000
Discount rate 10%
Annual pension service cost 13,000
Actual return on plan assets 7,750
On January 1, 2020, the company amended its pension plan, which resulted in a reduction in prior service benefits for current employees. The present value of the reduced benefits is $34,000.
Required -
a. Calculate the pension expense that will be reported in net income for 2020 if Saverio applies IFRS.
b. Calculate the pension expense that will be reported in net income for 2020 if Saverio applies ASPE. What are the disclosure requirements in this situation?
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