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What is the net defined benefit liability

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Question - At December 31, 2017, the following information was provided by the defined benefit pension plan administrator for Leonardo Corp.:

Fair value of plan assets $5,000,000

Defined benefit obligation 6,200,000

The corporation uses IFRS. What is the net defined benefit liability/asset account that should be shown on Leonardo's December 31, 2017 statement of financial position?

1) $1,200,000 liability

2) $1,200,000 asset

3) $6,200,000 liability

4) $5,000,000 asset

Reference no: EM132440810

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