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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 19, Problem 5C
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Intermediate Accounting: Reporting...

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

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 9C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Companies often provide their employees with postretirement benefits other than pensions. These benefits may include health insurance, life insurance, and disability benefits.

Required:

Explain how the accounting for these other postretirement benefits is similar or dissimilar to accounting for pensions.

To determine

Indicate the manner in which the accounting for other postretirement benefits is similar (dissimilar) to accounting for pension.

Explanation

Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

The accounting principles for both pension expenses and other postretirement benefits (OPRBs) are very similar. Both pension expenses and other postretirement benefits involve the concept of a liability, as a result the company provides deferred compensation in both situations. The benefits that are received during retirement were earned during the period of employment. Moreover, the components of the two expenses are very similar.

The following are the major differences in accounting for pensions and OPRBs:

    1. Attribution period: Even though the attribution period for both pension expenses and (OPRBs) are defined in the same way, the effect is different. Because the benefit formulas for most pension plans link benefits to years of service and salary levels. As a result, the date of expected retirement and the date of full eligibility are the same for pension plans. However, for several OPRBs, the attribution period starts from the date hired and ends on the date the employee attains full eligibility benefits.

    2. Interest component: For the net postretirement benefit expense, the interest component is calculated based on the accumulated postretirement benefit obligation...

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Ch-19 P-1GICh-19 P-2GICh-19 P-3GICh-19 P-4GICh-19 P-5GICh-19 P-6GICh-19 P-7GICh-19 P-8GICh-19 P-9GICh-19 P-10GI
Ch-19 P-11GICh-19 P-12GICh-19 P-13GICh-19 P-14GICh-19 P-15GICh-19 P-16GICh-19 P-17GICh-19 P-18GICh-19 P-19GICh-19 P-20GICh-19 P-21GICh-19 P-22GICh-19 P-23GICh-19 P-1MCCh-19 P-2MCCh-19 P-3MCCh-19 P-4MCCh-19 P-5MCCh-19 P-6MCCh-19 P-7MCCh-19 P-8MCCh-19 P-9MCCh-19 P-10MCCh-19 P-1RECh-19 P-2RECh-19 P-3RECh-19 P-4RECh-19 P-5RECh-19 P-6RECh-19 P-7RECh-19 P-8RECh-19 P-9RECh-19 P-10RECh-19 P-11RECh-19 P-1ECh-19 P-2ECh-19 P-3ECh-19 P-4ECh-19 P-5ECh-19 P-6ECh-19 P-7ECh-19 P-8ECh-19 P-9ECh-19 P-10ECh-19 P-11ECh-19 P-12ECh-19 P-13ECh-19 P-14ECh-19 P-15ECh-19 P-16ECh-19 P-1PCh-19 P-2PCh-19 P-3PCh-19 P-4PCh-19 P-5PCh-19 P-6PCh-19 P-7PCh-19 P-8PCh-19 P-9PCh-19 P-10PCh-19 P-11PCh-19 P-12PCh-19 P-1CCh-19 P-2CCh-19 P-3CCh-19 P-4CCh-19 P-5CCh-19 P-6CCh-19 P-7CCh-19 P-9C

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