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Determine amount that kissel will report on balance sheet

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Reference no: EM131705311

Question: The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31, Year 1, the following information is available regarding Kissel's plan:

Fair value of plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . .        $30,000,000

Present calue of defined benefit obligation. . . . . . . . . . . . . . .          38,000,000

Interest costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           1,200,000

Net unrecognized actuarial gains. . . . . . . . . . . . . . . . . . . . . .             300,000

Recognized actuarial gains. . . . . . . . . . . . . . . . . . . . . . . . . .             150,000

Unrecognized past service costs. . . . . . . . . . . . . . . . . . . . . .             375,000

Required: Determine the amount that Kissel will report on the balance sheet as of December 31, Year 1 for this pension plan under

(a) IFRS and

(b) U.S. GAAP.

Reference no: EM131705311

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