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What is a pension plan as used in a firm

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What is a pension plan as used in a firm and related to employee compensation? What is the difference between a defined contribution plan and a defined benefit plan?

What is accumulated benefit obligation and how is such associated with a projected benefit obligation? What is the funded status and where is it reported? How does a firm report post-retirement benefits in accounting statements? What is an actuary and what is the actuary's duty in this process? Provide a discussion of all potential scenarios and the relevant accounting requirements.

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Reference no: EM13524300

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