What is the pension expense to be reported for using ifrs

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Wiley Corp. provides a defined benefit pension plan for its employees. The trustee administering the plan provided the following information for the year ended December 31, 2020:

Fair value of plan assets, Jan 1......................................... $ 1,200,000
Defined benefit obligation, Jan 1..................................... 1,270,000
Current service cost......................................................... 300,000
Employer's contributions ............................................... 360,000
Past service cost (at Jan 1)............................................... 30,000
Benefits paid retirees....................................................... 325,000
Actual return on plan assets ............................................ 5%
Interest (discount) rate.................................................... 8%

Question 1: What is the pension expense to reported for 2020 using ASPE?

Question 2: What is the pension expense to be reported for 2020 using IFRS?

Reference no: EM132693868

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