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The key steps involved in accounting by the employer for a defined benefit post-employment fund in accordance with AASB 119 include:
I. Determining the deficit or surplus of the fund
II. Determining the amount of the net defined benefit liability (asset)
III. Determining the amounts to be recognised in profit or loss
IV. Determining the remeasurements of the net defined benefit liability (asset) to be recognised in other comprehensive income
A) I, II and III only
B) I, III and IV only
C) II, III and IV only
D) I, II, III and IV
AASB 119
The Australian Accounting Standards Board standard which outlines the accounting requirements for employee benefits, including wages, salaries, and pension plans.
Defined Benefit Post-Employment Fund
A pension plan where the benefits that an employee will receive upon retirement are defined in advance.
Remeasurements
Accounting adjustments made to reflect changes in the fair value of certain assets or liabilities.
- Comprehend the source of actuarial gains or losses in defined benefit schemes.
- Calculate liabilities and acknowledge responsibilities pertinent to employee service.
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Learning Objectives
- Comprehend the source of actuarial gains or losses in defined benefit schemes.
- Calculate liabilities and acknowledge responsibilities pertinent to employee service.
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