Which of the following is true with regard to pension accounting under U.S. GAAP and IFRS?...

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Which of the following is true with regard to pension accounting under U.S. GAAP and IFRS?...

Which of the following is true with regard to pension accounting under U.S. GAAP and IFRS?

Prior service cost is recognized on the balance sheet under both U.S. GAAP and IFRS.
Accounting for defined-benefit pensions is typically a less important issue in the U. S. than in other parts of the world.
The accounting for defined-benefit pension plans is the same under U.S. GAAP and IFRS.
The accounting for defined contribution p

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Answer 1

Answer #1

None of the above is true

Prior service cost is amortized into income over the expected service lives of employees under both U.S. GAAP and IFRS.
This is the true statement

All three statements given are not correct
Moreover option 4 is not complete

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Answer 2

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