PAS 24 requires disclosure of compensation of key management personnel. Which would not be considered “compensation” for this purpose? A. Short-term benefits B. Share-based payments C. Termination Benefits D. Reimbursement of out-of-pocket expenses. E. none of the above

PAS 24 requires disclosure of compensation of key management personnel. Which would not be considered “compensation” for this purpose? A. Short-term benefits B. Share-based payments C. Termination Benefits D. Reimbursement of out-of-pocket expenses. E. none of the above

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 5Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

PAS 24 requires disclosure of compensation of key management
personnel. Which would not be considered “compensation” for this
purpose?

A. Short-term benefits
B. Share-based payments
C. Termination Benefits
D. Reimbursement of out-of-pocket expenses.
E. none of the above

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PAS (or IAS) 24 requires disclosure of compensation of key management personnel. Which would not be considered “compensation” for this purpose? a. Short-term benefits b. Share-based payments c. Termination Benefits d. Reimbursement of out-of-pocket expenses. d. none of the above
PAS 24 requires the disclosure of key management personnel compensation. Which of the following is not included in this disclosure? * termination benefits share-based payment reimbursements of officers’ out-of-pocket expenses short-term employee benefits
Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.
An increase in OCI related to plan assets occurs when: Select one: a. The accumulated benefit obligation is more than expected. b. The vested benefit obligation is less than expected. c. Retiree benefits paid out are less than expected. d. The return on plan assets is higher than expected. e. The employer contributes an amount greater than it was liable to do.
Nonqualified deferred compensation plan benefits constitute income when: Select one: a. The company acquires a life insurance policy on the employee. b. The company funds the benefits through allocation of its assets. c. The allocated assets are available to the employee with substantial limitations, conditions and risk of forfeiture. d. The allocated assets are available to the employee without substantial limitations, conditions and risk of forfeiture.
Which of the following is true of defined benefit plans? Select one: a. Contributions are not attributed to specified employees. b. Plan costs are predictable. c. They cannot provide benefits for past service. d. Employees assume the risks of preretirement inflation and investment performance.
The following reason out the use of projected salaries as the base of computing the projected benefit obligation, except failure to incorporate salary projections, when most funding is based on salary projections, may result in the reporting of an apparent overfunding when the plan is not overfunded, or in reporting adequate funding when the plan is underfunded increases in benefits attributable to a salary increase become an obligation of the plan at the time of the salary increase under final pay plans, benefits are determined by reference to salaries at or near retirement date; hence salaries, contribution levels and rates of return must be projected financial information should be prepared on a going concern basis, irrespective of the assumptions and estimates that must be made
Which of the following does not affect the measurement of the defined benefit obligation?A. Changes in the market rate of high quality corporate bondsB. Changes in expected contributions to the fundC. Employee turnover rate, mortality and health conditionD. Expected changes in salary levels
Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair value
Statement I: IFRS 15 prescribes specific estimation techniques for variable consideration and only permits variable amounts to be included to the extent that it is probable that the revenue will not reverse.Statement Il: Transaction price (at inception) should be allocated to all the performance obligations in the contract in proportion to the cost of each performance obligation. • True, True • True, False • False, False • False, True
Which statement is incorrect regarding recognition of employee benefits? a. The enterprise should recognize the expected cost years of service. of profit-sharing and bonus payments when, and only when, it has a legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the expected cost can be made b. For short-term employee benefits, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period. c. The cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable. d. For post-employment benefits, the cost to be recognized in the period is the contribution payable in exchange for service rendered by employees during the period.
Which of the following should be avoided in a contract if cost certainty is important? Cost-of-living clauses Gainsharing clauses Profit sharing plans Piece-rate pay plans