What is difference in how we account for prior service cost

Assignment Help Financial Accounting
Reference no: EM131264853

1-What is the difference in how we account for prior service cost (called past service cost under IFRS) under IAS No. 19 and U.S. GAAP?

2-What is the difference in how we account for gains and losses under IAS No. 19 and U.S. GAAP?

Reference no: EM131264853

Questions Cloud

Revenues and support-net assets reclassified and expenses : A private not-for-profit university charges its students tuition of $1.35 million. However, financial aid grants total $290,000. In addition, the school receives a $107,000 grant restricted for faculty salaries. Of this amount, it spent $37,000 appro..
What should be reported for the buildings : The City of Bacon is located in the County of Pork. The city has a school system and reports buildings at a net $3.6 million although they are actually worth $4.2 million. The county has another school system and reports buildings at a net $5.2 milli..
Finding knowledge-exploring and essentially self-educating : During 2014, the Hills were employed by Hogwarts State University. Dr. Hill taught math and communications classes as an adjunct professor, and Mrs. Hill was employed as a campus librarian. Dr. Hill is highly educated—he holds a doctorate in communic..
Balances for income from continuing operations-pretax gains : Gerogi Company had the following balances for income from continuing operations and pretax gains and losses on December? 31: The? company's effective tax rate is? 40%. What amount should Gerogi Company report as comprehensive income for the year ende..
What is difference in how we account for prior service cost : What is the difference in how we account for prior service cost (called past service cost under IFRS) under IAS No. 19 and U.S. GAAP? What is the difference in how we account for gains and losses under IAS No. 19 and U.S. GAAP?
Defined benefit pension plan : Brit has a defined benefit pension plan. Characteristics of the plan during 2016 are as follows: Calculate the three components of net pension cost for 2016, indicating how they are reported in the income statement. What amount will Brit report in it..
Company sells fixed asset : A company sells a fixed asset (equipment) for $30,000. The asset originally cost $80,000 and had accumulated depreciation of $55,000 at the time of the sale. Select the journal entry to recognize the sale. Debit Cash $30,000 Debit Accumulated Depreci..
Reduction of corporate income taxes : Although reduction of individual taxes is often encouraged, there is great controversy over reduction of corporate income taxes. Every April, you can find news stories about corporations that don’t pay any income taxes. Post an evaluation of the impl..
Use high-low costing method-what is variable cost per hour : Miller Landscaping is attempting to estimate costs for future projects. Miller has compiled data and decided to use the high-low costing method. The low value is $286,720 for 4,096 hours and the high value is $494,900 for 7,070 hours. What is the var..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Question suppose that you and two friends are debating

question suppose that you and two friends are debating whether to open a service and automotive retail chain that may

  State how the person can hurt the company

Describe fraud and its impact; identify internal controls girine internal control weakness in the situations. State how the person can hurt the company.

  Computation of break-even-point

Computation of break-even-point and contribution margin ratio - Breakeven Point, Cost Structure, and Target Sales

  When referring to a note receivable or promissory note

When referring to a note receivable or promissory note:

  Statements about cost of goods sold is wrong

Which of the following statements about cost of goods sold is wrong?

  Financial statement accuracy

"Financial Statement Accuracy" Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make atleast (2) recommendations for improving the accuracy and reliability of the inf..

  Qconsider that snowcastles reputation has diminished and

qconsider that snowcastles reputation has diminished and other resorts in the vicinity are changing only 60 per lift

  Flower use to report nondividend distributions

Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable income of $6,000 and was subject to a 25 percent tax rate. What is Flower’s current E&P? What form would Flower use to report nondivide..

  Analyze overall process of accounting for insolvencies

Analyze overall process of accounting for insolvencies and make at least one recommendation for improving current practices. Provide specific examples of how your recommendation would be an improvement.

  Determine the fixed factory overhead volume variance

Lo-bed Company produced 4,000 units of product that required four standard hours per unit. The standard fixed overhead cost per unit is $1.20 per hour at 16,400 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume vari..

  Prepare the t-accounts for raw materials inventory

Prepare the journal entries to record the transactions and prepare the T-accounts for raw materials inventory, work in process inventory.

  What characteristics must the convertible bonds display

What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition and how was the portion of the bonds assigned to debt on initial recognition valued?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd