Defined benefit plan with plan assets
Entity E stipulated a defined benefit plan with its employees. This plan is the same as the plan described in Example 2. However, there are also plan assets.
|
01 |
02 |
|
|
Actual obligation as at Jan 01 |
100 |
130 |
|
Current service cost |
14 |
20 |
|
Interest cost |
10 |
13 |
|
Benefits paid |
8 |
11 |
|
Actual obligation as at Dec 31 |
130 |
140 |
|
Actual fair value of the plan assets as at Jan 01 |
70 |
90 |
|
Contributions |
6 |
10 |
|
Expected return on plan assets |
12 |
10 |
|
Actual fair value of the plan assets as at Dec 31 |
90 |
100 |
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Required
Prepare any necessary entries in E”s financial statements as at Dec 31 for the years 01 and 02. E recognizes actuarial gains and losses entirely and immediately in other comprehensive income (IAS 19.93A–19.93D). Also determine the carrying amount of the liability as at Jan 01, 01, Dec 31, 01, and Dec 31, 02.
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