In examining the costs of pension plans

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(Basic Terminology) In examining the costs of pension plans, Helen Kaufman, CPA, encounters certain terms. The components of pension costs that the terms represent must be dealt with appropriately if generally accepted accounting principles are to be reflected in the financial statements of entities with pension plans.

Instructions

(a) (1) Discuss the theoretical justification for accrual recognition of pension costs. (2) Discuss the relative objectivity of the measurement process of accrual versus cash (pay-as-you-

go) accounting for annual pension costs. (b) Explain the following terms as they apply to accounting for pension plans.

(1) Market-related asset value. (2) Projected benefit obligation. (3) Corridorapproach.

1246 Chapter 20 Accounting for Pensions and Postretirement Benefits (c) What information should be disclosed about a company’s pension plans in its financial statements and its notes?"

Reference no: EM131163604

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