hope2bcpa
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Posts: 26
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| Posted: 25 Jan 2011 at 03:34 | IP Logged
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In Pensions,
1) Wiley does not mention the 15 years, but Becker (2010 bk) does, so is the 15 years part still valid for 2011?
" Minimum Amortization of Existing net Obligation = (PBO - FMV of PA) / (greater of 15 yrs or avg service life)"
2) a) Is the full amount of Prior Svs Cost, Gain, Net existing obligation debited to Other Comprehensive Income first and just the amortized amount debited to Pension Expense in the relevant period? or is the Full amount not entered as a JE at all because they are only actuarial a/cs (& not financial) and only the amortized amount recorded as a JE? (Conflicting info on Yaeger/Wiley v/s Becker)
b) The reclassification adjustment is not mentioned in Wiley for change in the funded status. Does this amount have to be separately shown for the three categories - Prior Svs Cost, Gain, Net existing obligation or is one entry for Over/Underfunding (as shown in Wiley) enough i.e. OCIincome a/c - Dr and Pension Liability- Cr. And upon amortization, its Pension Exp- Dr and OCIncome Cr. ?
Thanks in advance for your help/clarification !!
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Topic: Pensions 2011 - a few questions, help?
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