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Lecture Intermediate accounting (Volume 2, 11th Canadian edition) – Chapter 19: Pensions and other post-employment benefits

After studying this chapter, you should be able to: Understand the importance of pensions from a business perspective, identify and account for a defined contribution benefit plan, identify and explain what a defined benefit plan is and the related accounting issues,. | 1 CHAPTER 19: PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS 2 2 CHAPTER 19: Pensions and Other Post-Employment Benefits After studying this chapter, you should be able to: Understand the importance of pensions from a business perspective. Identify and account for a defined contribution benefit plan. Identify and explain what a defined benefit plan is and the related accounting issues. Explain what the employer’s benefit obligation is, identify alternative measures for this obligation, and prepare a continuity schedule of transactions and events that change its balance. Identify transactions and events that change benefit plan assets, and calculate the balance of the assets. Explain what a benefit plan’s surplus or deficit is, calculate it, and identify what transactions and events change its amount. Identify the components of pension expense, and account for a defined benefit pension plan under IFRS and ASPE. Account for defined benefit plans with benefits that vest or accumulate other than pension plans. Identify the types of information required to be presented and disclosed for defined benefit plans, prepare basic schedules, and be able to read and understand such disclosures. Identify differences between the IFRS and ASPE accounting for pensions and other post-employment benefits and what changes are expected in the near future. 3 3 Benefit Plans Three examples of benefit plans: Pension and other post-retirement plans (e.g., health care and life insurance) Post-employment benefit plans (e.g., severance benefits and long-term disability benefits) Compensated absences (e.g., parental leaves, unrestricted sabbatical leaves) 4 4 LO1 Understand the importance of pensions from a business perspective. Nature of Pension Plans A pension plan provides benefits (payments) to retirees for services provided during employment The employer sponsors and contributes to the fund and incurs the cost of the pension plan Requires accounting for the employer The pension plan receives | 1 CHAPTER 19: PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS 2 2 CHAPTER 19: Pensions and Other Post-Employment Benefits After studying this chapter, you should be able to: Understand the importance of pensions from a business perspective. Identify and account for a defined contribution benefit plan. Identify and explain what a defined benefit plan is and the related accounting issues. Explain what the employer’s benefit obligation is, identify alternative measures for this obligation, and prepare a continuity schedule of transactions and events that change its balance. Identify transactions and events that change benefit plan assets, and calculate the balance of the assets. Explain what a benefit plan’s surplus or deficit is, calculate it, and identify what transactions and events change its amount. Identify the components of pension expense, and account for a defined benefit pension plan under IFRS and ASPE. Account for defined benefit plans with benefits that vest or accumulate other