Worldatwork Exam T7 Topic 2 Question 93 Discussion

Actual exam question for Worldatwork's T7 exam

Question #: 93
Topic #: 2

IAS 19 requires that all numbers involved in accounting for defined benefit plans be presented as a single amount in the statement of financial position. What is this amount called?

ANet defined benefit liability (asset)

BAsset ceiling

CFair value

DNet present value

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Suggested Answer: A

by Elvis at Jul 12, 2024, 07:23 AM

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Buddy

22 hours ago

The Asset ceiling? That's a new one to me. I better brush up on my IAS 19 knowledge before the exam.

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Veronika

2 days ago

Net present value? Really? I mean, I know that's important for calculating the plan's obligations, but it's not the final number that goes on the financial statements.

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Arleen

7 days ago

Hmm, I thought it was the Fair value that we had to present as a single amount. But I could be wrong, these accounting standards can get a bit tricky.

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Nina

25 days ago

I remember studying that it's important to present all numbers as a single amount for clarity.

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Tyra

1 months ago

I'm not sure, but I think it might be Fair value.

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Jenelle

1 months ago

I'm pretty sure it's called the Net defined benefit liability (asset). That's the one that shows the overall position of the defined benefit plan on the balance sheet, right?

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Jillian

19 days ago

That's right. It's important to have a clear understanding of the net defined benefit liability (asset) when analyzing financial statements.

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Josephine

26 days ago

Yes, you're correct. It's the Net defined benefit liability (asset) that represents the overall position of the defined benefit plan on the balance sheet.

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Cammy

1 months ago

I believe it could also be Net present value.

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Nina

1 months ago

I think the amount is called Net defined benefit liability (asset).

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