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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Compare how prior service cost is treated under amended IAS 19 relative to its treatment under U.S. GAAP.

To determine

State the manner in which the prior service cost is treated both under amended IAS 19 and under U.S. GAAP.

Explanation

Prior service cost:  Prior service cost is the cost of retroactive benefits that are granted at the time when the plan is amended or at the time of the initial adoption of the plan.

Under amended IAS 19:

The prior service cost is immediately recognized on the income statement as an expense...

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