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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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List the disclosures a company must make for its defined benefit pension plan.

To determine

Specify the disclosure that a company must make for its defined benefit pension plan.

Explanation

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

The following are the disclosures that a company must make for its defined benefit pension plan:

    1. A narrative description of strategies and investment policies, including the target allocations of plan assets, and other factors that are relevant to investment goals, risk management strategies, and permitted and prohibited investments should be disclosed.

    2. The description to determine the expected rate of return on plan assets.

    3. The benefits that are expected to be paid in next 5 years.

    4. Other information about the risk associated with each asset category and the rate of return on plan assets.

    5. The expected contributions to be made by the company in the subsequent year.

    6. Reconciliation for projected benefit obligation (this includes the interest cost, service cost, benefits paid, actuarial gains and losses, and plan amendments)...

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