@james – Oh I'm sure Gov't and all those other topics will still be in there. I just don't want to focus too much on them in case I get hammered with some stuff people seem to graze over. Def. don't go light on Gov't, I wasn't trying to imply that at all! And I just think they will begin testing heavier on IFRS, of course I really don't know for sure. It just seems like they go light the first few windows on new topics. This is actually the beginning of year 3 for IFRS, sooooo, who knows? I just don't want to be caught off guard. I'm using Yaeger 2012.
Pensions:
When truing your book balance up to the actuary PBO you adjust Accrued Pension Liability and offset to OCI.
If books are understated (under accrued)
DR OCI
—>CR Acc. Pen. Liab.
*Accrued Pension Liability should always equal the Actuary's “understated” amount. Because the Actual pension is funded, but according to the actuary's calculations you don't have enough $ in there. So you have to show the difference (liability) on your books.
Then you must show the tax effect. Everything in OCI is NoT (Net of Tax) *right? correct me if I'm wrong there*
DR Deferred Tax Asset
—>OCI
If it were overfunded:
DR Accrued Pension Liability
—> CR OCI
DR OCI
—> Deferred Tax Liability
Is this helpful? I always get nervous explaining how I understand things because 1) I could be wrong :/ 2) I might not be good at explaining how I understand things.
Onward and Upward my friends!
A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*
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