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Prepare the necessary journal entries

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Reference no: EM132761105

Question - Overview - SaulGroup, Inc., a U.S.-based corporation, currently uses U.S. GAAP to prepare its consolidated financial statements. SaulGroup is considering switching to IFRS and asking for your help in assessing the impact this change will have on its financial statements. SaulGroup's accounting principles differ from IFRS in the following areas- restructuring, pension plan, stock options, revenue recognition, and bonds payable. Instructions: respond to the following questions in each scenario:

Pension Plan In 2017, SaulGroup, Inc. made amendments to its pension plan.

As a result, the company incurred $300,000 past service costs. Under the pension plan, there are 200 active employees with an average expected remaining working life of 10 years and no retirees.

a. How is the amount of past service costs treated in 2017 and subsequent years under (1) U.S. GAAP and (2) IFRS?

b. Prepare the necessary journal entries.

Reference no: EM132761105

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