Determine regard to pension accounting under GAAP and IFRS

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Question 1: Which of the following is true with regard to pension accounting under GAAP and IFRS?

Option 1: The accounting for defined-benefit pension plans is the same under GAAP and IFRS.

Option 2: Accounting for defined-benefit pensions is typically a less important issue in the U. S. than in other parts of the world.

Option 3: Prior service cost is amortized into income over the expected service lives of employees under GAAP, not IFRS.

Option 4: Prior service cost is recognized on the balance sheet under both GAAP and IFRS.

Reference no: EM132480838

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