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IAS 19 employee benefits

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › IAS 19 employee benefits

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by John Moffat.
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    Posts
  • June 13, 2022 at 3:03 pm #658647
    kaydeah
    • Topics: 1
    • Replies: 1
    • ☆

    Campus limited has a defined benefit plan. The following information relates to this plan
    for the year ended 31 December 2017

    Defined benefit plan asset opening balance N$ 300 000
    Defined benefit plan obligation opening balance N$ 400 000
    Discount rate based on market yield of high quality corporate 10% (unchanged)
    bonds
    Benefits paid to employees N$ 100 000
    Contributions by employees into the plan assets N$ 150 000
    Contribution by employer into the plan assets N$ 250 000
    Current service costs at present value N$ 500 000
    Present value of plan obligation as at 31 December 2017 N$ 800 000
    Fair value of plan assets as at 31 December 2017 N$ 600 000
    There was a Nil balance on the defined benefit plan asset ceiling adjustments account as
    at 1 January 2017.
    The present value as at 31 December 2017 of future refunds and reductions in future
    contributions is N$ 1 000 000.
    Required
    Provide all journal entries to the defined benefit plan for the year ended
    31 December 2017. Show your workings where necessary

    June 14, 2022 at 7:16 am #658680
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49993
    • ☆☆☆☆☆

    IAS 19 is not examinable in Paper FA.

    (And why are you expecting us to answer a test question for you? We provide help with problems that students have while studying – we do not simply provide full answers to full questions!)

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