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F7 M4 Financial Statement of Employee Benefit Plan
Terms in this set (10)
What does US GAAP require for financial statement for pension plans?
Presented by the pension plan its self- separately
What statements are required for a defined benefit plan?
-Net Assets Available for Benefits
-Changes in Net Asset Available for Benefits
-Accumulated Plan Benefits
- Changes in Accumulated Plan Benefits
Is the Statement of Cash Flow required?
No, but could be presented if useful
Accumulated Plan Benefit
Future benefit payment that are attributed to the employee's services rendered to the benefit information date
Net Assets Available of Benefits
Plan assets - plans liabilities excluding the participants accumulated plan benefits
What categories are on the Statement of Net Assets Available for Benefits?
Net Assets Available for benefits
(like balance sheet)
What categories are on the Statement of Changes in Net Assets Available for Benefits
Net Asset Available for Benefits
(Like income statement)
What categories are on the Statement of Accumulated Plan Benefits?
Non Vested Benefits
(like Balance sheet liab)
What categories are on the Statement of Changes in Accumulated Plan Benefits
Increase (decrease) during year
What statements are required for defined contribution pension plans?
- Net Asset Available for Benefit
- Changes in Net Asset Available for Benefit
This set is often in folders with...
F7 M1: Pension Benefits: Part 1
D7 M2: Pension Benefits: Part 2
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F6 M6: Income Taxes: Part 2
F6 M5- Income Taxes: Part 1
F6 M4- Foreign Currency Accounting
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