lOMoARcPSD|45900541

SOL. MAN. Chapter 6 Employee Benefits (PART 2) 2021

Accountancy (University of Eastern Pangasinan )

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Chapter 6
Employee Benefits (Part 2)
PROBLEM 1: TRUE OR FALSE
1.TRUE
2.FALSE
3.TRUE
4.FALSE
5.TRUE
6.FALSE – only the net defined benefit liability (asset) is
recognized in the accounts and in the financial
statements. The PV of DBO is disclosed only.
7.FALSE
8.TRUE
9.TRUE
10.TRUE

PROBLEM 2: MULTIPLE CHOICE – THEORY

1. B
2. D
3. A
4. B
5. A
6. D
7. C – the event is “curtailment,” which results in past
service cost. Past service cost can be either positive
(increase in PV of DBO) or negative (decrease in PV of
DBO). In the problem, it is the latter case.

Choice (a) is correct. The termination benefits paid to the

terminated employees increase the termination benefits
expense for the period.
Choice (b) is correct (see discussion above).
Choice (d) is correct. A decrease in PV of DBO either
decreases the net defined benefit liability or increases
the net defined benefit asset.

8. C

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Side note: The IASB opined that “early retirements” are

accounted for as post-employment benefits rather than
termination benefits because the benefits pertain to
employee service rather than the employer’s act of
terminating the employee.

9. D

10. D

PROBLEM 3: EXERCISE
Requirement (a):
Fair value of plan assets
Jan. 1 2,100,000
Benefits
Return on plan assets 270,000 450,000
paid
Contributions to the
480,000
fund
2,400,0
Dec. 31
00

PV of defined benefit obligation

2,400,
Jan. 1
000
Benefits 450, 600, Current service
paid 000 000 cost
300,000 Past service cost
Actuarial 15, 288,
Interest cost
gain 000 000
3,12
Dec. 31
3,000

Jan. 1, Dec. 31,

20x1 20x1
2,100, 2,400,
FVPA
000 000
2,400, 3,123,
PV of DBO
000 000
Net defined benefit (30 (72
liability 0,000) 3,000)

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Requirement (b):
Service cost:
(a) Current service cost 600,000
(b) Past service cost 300,000
(c) (Gain) or loss on settlement -
900,000
Net interest on the net defined benefit liability
(asset):
(a) Interest cost on the defined benefit obligation
288,000
(2.4M x 12%)
(b) Interest income on plan assets (2.1M x 12%) (252,000)
(c) Interest on the effect of the asset ceiling -
36,000
Defined benefit cost recognized in profit or
936,000
loss

Remeasurements of the net defined benefit

liability (asset):
(a) Actuarial (gains) and losses (15,000)
(b) Difference between interest income on plan
assets
and return on plan assets (252K - 270K) (18,000)
(c) Difference between the interest on the effect of
the asset
ceiling and the change in the effect of the asset
-
ceiling
Defined benefit cost recognized in OCI (33,000)

Total defined benefit cost 903,000

Requirement (c):
20 Net defined benefit liability 480,000
x1
Cash 480,00
to record the contributions to the 0
fund
De Retirement benefits expense 936,000
c.
Remeasurement of def. 33,000
31,
20 benefit liab. 903,00
x1 Net defined benefit liability 0
to record the defined benefit
cost

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Requirement (d):
Report form:
300,00
Net defined benefit liability, beg. 0
(480,000
Contributions to the fund )
903,00
Defined benefit cost 0
723,0
Net defined benefit liability, end. 00

OR

T-account form:
Net defined benefit
liability
300,000 Jan. 1
Contributions to the 480,0 Defined benefit
903,000
fund 00 cost
723,0
Dec. 31 00

PROBLEM 4: MULTIPLE CHOICE – COMPUTATIONAL

1. C
Fair value of plan assets
Jan. 1 360,000
Benefits
Return on plan assets 80,000 120,000
paid
Contributions to the
480,000
fund
800,00
Dec. 31
0

2. B
Fair value of plan assets
Jan. 1 234,000
Return on plan Benefits
24,000 79,000
assets paid
Contributions to the
120,000
fund

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299,000 Dec. 31

3. C
PV of defined benefit obligation
280,0
Jan. 1
00
Benefits 120,0 50,0 Current service
paid 00 00 cost
30,8
Interest cost
00
Actuarial 50,0
gain 00
190,
Dec. 31
800

4. A
PV of defined benefit obligation
130,0
Jan. 1
00
Benefits 110,0 25,0 Current service
paid 00 00 cost
15,6
Interest cost
00
50,00
Actuarial loss
0
110,6
Dec. 31
00

5. A
Fair value of plan assets
Jan. 1 960,000
Return on plan Benefits
70,000 290,000
assets paid
Contributions to the
360,000
fund
1,100,0
Dec. 31
00

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PV of defined benefit obligation

1,200,0
Jan. 1
00
Benefits paid 290,000 260,000 Current service cost
Actuarial gain 28,000 108,000 Interest cost

1,250,0
Dec. 31
00

Dec. 31,
Jan. 1, 20x1
20x1
96 1,10
FVPA
0,000 0,000
1,200 1,25
PV of DBO
,000 0,000
Net defined benefit (240, (15
liability 000) 0,000)

Service cost:
260,
(a) Current service cost
000
(b) Past service cost
-
(c) (Gain) or loss on settlement -
260
,000
Net interest on the net defined benefit liability (asset):
108,
(a) Interest cost on the defined benefit obligation
000
(86
(b) Interest income on plan assets
,400)
(c) Interest on the effect of the asset ceiling -
21
,600
Defined benefit cost recognized in profit or 28
loss 1,600

Remeasurements of the net defined benefit liability (asset):

(28
(a) Actuarial (gains) and losses
,000)

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(b) Difference between interest income on plan assets

16,
and return on plan assets (86.4K - 70K)
400
(c) Difference between the interest on the effect of the asset
ceiling and the change in the effect of the asset
-
ceiling
(1
Defined benefit cost recognized in OCI
1,600)

270
Total defined benefit cost
,000

6. C
Service cost:
(a) Current service cost 540,000
(b) Past service cost 450,000
(c) (Gain) or loss on settlement 45,000
1,035,00
0
Net interest on the net defined benefit
liability (asset):
(a) Interest cost on the defined benefit
198,000
obligation
(178,200
(b) Interest income on plan assets
)
(c) Interest on the effect of the asset ceiling -
19,800
Defined benefit cost recognized in profit 1,054,80
or loss 0

Remeasurements of the net defined benefit liability

(asset):
(a) Actuarial (gains) and losses (18,000)
(b) Difference between interest income on
70,200
plan assets
and return on plan assets
(c) Difference between the interest on the effect
-
of the asset
ceiling and the change in the effect of the

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asset ceiling
Defined benefit cost recognized in OCI 52,200

1,107,0
Total defined benefit cost
00

7. B
Final monthly salary level (60K x 102%(a)) 73,140
Multiply by: Years of service (from 50 to 60 yrs. old) 11
804,54
Lump-sum retirement benefit
0
(a)
ten (10) times

OR
Year Age Salary
= previous balance x
102%
1 50 60,000
2 51 61,200
3 52 62,424
4 53 63,672
5 54 64,946
6 55 66,245
7 56 67,570
8 57 68,921
9 58 70,300
10 59 71,706
11 60 73,140

OR
60,000 x FV of 1 @2%, n=11; 60,000 x 1.218994 = 73,140

Final monthly salary level 73,140

(b)
Multiply by: PV of 1 @10%, n=10 0.385543
Current service cost in Yr. 1 28,199

(b)
From end of Yr. 1 to end of Yr. 11 = 10

8. A
Final monthly salary level 73,140
Multiply by: 5

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Accumulated benefits to date 365,700

Multiply by: PV of 1 @10%, n=6 (c) 0.564474
Lump-sum retirement benefit 206,428

(c)
From end of Yr. 5 to end of Yr. 11 = 6

Alternative solution: Long-cut

Interest Current service
Date PV of DBO
cost cost(d)
Jan. 1, 20x1 -
Dec. 31, 20x1 - 28,198.64 28,198.64
Dec. 31, 20x2 2,819.86 31,018.50 62,037.00
Dec. 31, 20x3 6,203.70 34,120.35 102,361.05
Dec. 31, 20x4 10,236.10 37,532.38 150,129.54
206,428.1
Dec. 31, 20x5 15,012.95 41,285.62
2
Dec. 31, 20x6 20,642.81 45,414.19 272,485.11
Dec. 31, 20x7 27,248.51 49,955.60 349,689.23
Dec. 31, 20x8 34,968.92 54,951.16 439,609.32
Dec. 31, 20x9 43,960.93 60,446.28 544,016.53
Dec. 31,
20x10 54,401.65 66,490.91 664,909.09
Dec. 31, 804,540.0
20x11 66,490.91 73,140.00
0

(d)
Benefit PV of 1 @ 10%, Current
entitlement n=10 to 0 service cost

73,140 0.38554329 28,198.64

73,140 0.42409762 31,018.50

73,140 0.46650738 34,120.35

73,140 0.51315812 37,532.38

73,140 0.56447393 41,285.62

73,140 0.62092132 45,414.19

73,140 0.68301346 49,955.60

73,140 0.75131480 54,951.16

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73,140 0.82644628 60,446.28

73,140 0.90909091 66,490.91

73,140 1.00000000 73,140.00

804,540

9. A

10. C 30 employees x 50,000 = 1,500,000

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PROBLEM 5: CLASSROOM ACTIVITY

1. Solution:

PV of defined benefit obligation

4,645,541 Jan. 1, 20x1
Benefits paid - 239,152 Current service cost
250,395 Interest cost *
Actuarial gain 646,794 Actuarial loss
4,488,29
Dec. 31, 20x1
4

* (4,645,541 x 5.39% discount rate at the beginning of 20x1) =

250,395

2. Solution:
Fair value of plan assets
1,176
Jan. 1 ,732
11, Benefits
Return on plan assets -
672 paid
Contributions to the
474,934
fund
1,663,3
38
Dec. 31

3. Solution:
20x1 20x0
Present value of defined benefit obligation 4,488,2 4,645,5
(DBO) 94 41
1,663,3 1,176,7
Fair value of plan assets (FVPA)
38 32
2,824, 3,468,
Net defined benefit liability – Deficit
956 809

4. Solution:
Service cost:
(a) Current service cost 239,152
(b) Past service cost -
(c) (Gain) or loss on settlement -

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239,152
Net interest on the net defined benefit liability
(asset):
(a) Interest cost on the defined benefit obligation 250,395
(b) Interest income on plan assets (given) (77,179)
(c) Interest on the effect of the asset ceiling -
173,216
Defined benefit cost recognized in profit or
412,368
loss

Remeasurements of the net defined benefit liability

(asset):
(a) Actuarial (gains) and losses (646,794)
(b) Difference between interest income on plan
assets
and return on plan assets (77,179 - 11,672) 65,507
(c) Difference between the interest on the effect of
the asset
ceiling and the change in the effect of the asset
ceiling
Defined benefit cost recognized in OCI (581,287)

(168,919
Total defined benefit cost
)

5. Solution:

Net defined benefit liability (asset) - Jan. 1, 20x1 3,468,809

Contributions (474,934)

Defined benefit cost (168,919)

Net defined benefit liability (asset) - Dec.
31, 20x1 2,824,956

6. Solution:
Dec. Net defined benefit liability 643,8
31, (squeeze)
20x1
53
Retirement benefits expense 412,3
Remeasurement of 68 581,28

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defined 7
benefit pension plan 474,93
Cash (contributions) 4

7. D
 Choice (a) is incorrect. No retirement benefits were
paid during the year.
 Choice (b) is incorrect. The total salaries paid during
20x1 decreased. Refer to “Annual covered payroll” in
the “Summary of Valuation Results.”
 Choice (c) is incorrect. ABC Co.’s retirement plan
provides for a lump sum payment only. It does not
provide for annual pension payments.

8. A
 Asset ceiling is “the present value of any economic
benefits available in the form of refunds from the plan
or reductions in future contributions to the
plan.” (PAS 19.8)
 (See #14 ‘Forfeiture of benefits’ in ‘EXCERPT 6 -
OUTLINE OF BASIC PLAN PROVISIONS’)

 Choices (b) and (c) are incorrect. Amendment of

retirement plan results to either positive or negative
past service cost.
 Choice (d). Death or disability of an employee does
not relieve the company of its obligation to pay
retirement benefits. See #9 in “Outline of Basis Plan
Provisions.”

9. D (See #16 and #17 of ‘EXCERPT 6 - OUTLINE OF

BASIC PLAN PROVISIONS’)

10. B (See ‘STATISTICAL DISTRIBUTION OF ELIGIBLE

MEMBERS’)

11. D

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12. A
 Information from excerpts:
Number of male employees: 2
Average age of male employees: 51.5

 51.5 = (65 age of Mr. A + X age of Mr. B) ÷ 2

 51.5 x 2 = (65 + X)
 103 – 65 = X
 X = 38

13. B: 4 employees (3 + 1) (see highlighted numbers

below.

STATISTICAL DISTRIBUTION OF ELIGIBLE MEMBERS

AS OF DEC. 31, 20X1

AGE less 5 but 10 but 15 but 20 TOTA

than 5 less less less years L
yrs. than 10 than 15 than 20 &
above
20 &
belo
w
21 -
25 1 1
26 -
30 -
31 -
35 -
36 -
40 1 1 2
41 -
45 1 1
46 -
50 1 1
51 -
55 1 1
56 -
60 1 1 2
61 -
65 1 1
66 &
above -

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TOTA
L 4 1 3 - 1 9

14. D
ABC’s retirement policy:
“Normal retirement date: The normal retirement date of
each member shall be the first day of the month
coincident with or next following his attainment of age
sixty (60) with at least ten (10) years of Credited
Service.”

15. A – See #8 in “Outline of Basic Plan Provisions.”

16. D – There was an actuarial gain during the year. This

has decreased the PV of DBO.

 Choice (b) is a correct statement. The ₱65,507

remeasurement is a debit (refer to the computation of
defined benefit cost in #4 above).

17. B

18. D – The actuary’s opinion shows the following:

RE: ABC CO. RETIREMENT PLAN (PAS 19 VALUATION)

(Participant to the ABC Co. Multiemployer Retirement Plan)
Valuation Date – December 31, 20x1

19. D – best answer. See discussion below:

 Choice (a) is incorrect. Same discount rate is used in
computing for interest income on FVPA and interest
expense on PV of DBO.
 Choice (b) is incorrect. An employee can estimate
his/her retirement pay using the plan formula, which
is “1 month final salary x No. of service years.”
 Choice (c) is incorrect. No retirement benefits were
paid during 20x1.

20. C (27,000 x 102%) = 27,540

21. D
Solution:

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Mon
Day Year
th
Date of birth 8 14 1980
Normal retirement age 60
Date of retirement 8 14 2040

ABC Co.’s retirement policy:

“Normal retirement date: The normal retirement date of
each member shall be the first day of the month
coincident with or next following his attainment of age
sixty (60).”

22. A
Solution:
Mon Da Ye
th y ar
Date of employment as "Regular" 200
1 1
employee 1
Minimum service years 10
20
1 1
11

23. A
Solution:
Yea
Month Day r
Date of employment as "Regular" 200
employee 6 1 1
-
195
Date of birth -6 -1 1
0 0 50

Age at date of employment 50

Mon
th Day Year
Date of employment as "Regular"
employee 6 1 2001
Minimum service years 10
201
6 1 1

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ABC’s retirement policy:

“Normal retirement date: The normal retirement date of
each member shall be the first day of the month
coincident with or next following his attainment of age
sixty (60) with at least ten (10) years of Credited
Service.”

24. C
Solution:
Da Yea
Month y r
Date of employment as "Regular" 200
employee 6 1 1
-
Date of birth 195
-9 -1 1
-3 0 50

Age at date of employment

49

Mon
Day Year
th
Date of birth 9 1 1951
Normal retirement age 60
Date of retirement 9 1 2011

Mont Yea
Day
h r
201
9 1
Date of retirement 1
-
Date of employment as "Regular"
-6 -1 200
employee
1
Service years 3 0 10

10 yrs. and 3
No. of service years mos.

Choice (a) is incorrect because, on June 1, 2011, Ms.

Munda has not yet reached the age of 60.

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Mon
Day Year
th
Date of retirement 6 1 2011
-
Birth date -9 -1
1951
Age at date of retirement -3 0 60

59 yrs. and 3
Age on June 1, 2011
months

Choice (b) is incorrect because, according to ABC’s

retirement plan, an employee only needs to reach the age
of 60 and has rendered at least 10 years of service to be
entitled to normal retirement.

Choice (d) is incorrect because the dates are irrelevant.

25. A
Solution:
Mon
th Day Year
Date of employment 1 1 1985
Date of birth -12 -31 -1944
-11 -30 41

Age at date of employment 40

Mon
Day Year
th
Date of employment 1 1 1985
No. of service years before
reaching the 20
age of 60
Date of retirement 1 1 2005

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26. B
Solution:

Final monthly salary level (600K ÷ 12) 50,000

Multiply by: Service years 20

1,000,00
Lump sum retirement benefit 0

27. C
Benefit earned for services rendered in
20x1 50,000

Multiply by: PV of 1 @ 4.64%a, n=3 0.87278

Current service cost 43,639

a
4.64% = Discount rate at December 31, 20x1.
b
No. of years before retirement
Mon
th Day Year
Expected normal retirement
date 1 1 2005
End of reporting period -12 -31 -2001
-11 -30 4

No. of years before retirement 3

28. B
Solution:
Month Day Year
Date of employment as
"Regular" 1 1 1990
employee
Date of birth -12 -31 -1944
Age at date of retirement -11 -30 46

Age at date of employment

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45

Mon
Day Year
th
Date of employment as "Regular"
1 1 1990
employee
Service years before reaching the
15
age of 60
200
1 1
Date of retirement 5

Mon
Day Year
th
Date of retirement 1 1 2005
End of current reporting period -12 -31 -2001
-11 -30 4

No. of years before retirement 3

30,00
Current salary level - Dec. 31, 2001 0
Multiply by: (Salary level in 2002) 102%
Multiply by: (Salary level in 2003) 102%
Multiply by: (Salary level in 2004) 102%
31,83
Future salary level - Jan. 1, 2005 6.24
Multiply by: No. of service years 15
477,5
Lump sum retirement benefit 44

29. C
Solution:
(40,000 x PV of 1 @ 4.64%, n=22*) = 14,747

*(60 age of normal retirement – 38 current age) = 22 no.

of years before retirement

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30. A
Solution:
Month Day Year
1 1 2002
-7 -1 -1990
-6 0 12

Years of service 11.5

Percentage of benefit (see 'OUTLINE OF BASIC
PLAN PROVISIONS' #8) 55%

Final monthly salary level (240K ÷ 12) 20,000

Multiply by: Years of service 11.5
Multiply by: Percentage of benefit 55%

Termination benefits 126,500

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PROBLEM 6: FOR CLASSROOM DISCUSSION

1. Solution:
Fair value of plan assets
Jan. 1 240,000
Benefits
Return on plan assets 20,000 60,000
paid
Contributions to the
220,000
fund
420,00
Dec. 31
0

2. Solution:
PV of defined benefit obligation
200,000 Jan. 1
Benefits
60,000 40,000 Current service cost
paid
Interest cost (200K x
24,000
12%)
30,000 Actuarial loss
Dec. 31 234,000

3. Solutions:
Requirement (a):
Present value of defined benefit
obligation, Jan. 1 1,800,000
Fair value of plan assets, Jan. 1
1,500,000
Deficit - Net defined benefit liability -
Jan. 1 300,000

Requirement (b):
PV of defined benefit obligation
1,800,0
Jan. 1
00
Benefits 75,0 450,0 Current service
paid 00 00 cost
216,0
Interest cost
00
Actuarial 10,0
gain 00
Dec. 31 2,381,0

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00

Fair value of plan assets

Jan. 1 1,500,000
Benefits
Return on plan assets 180,000 75,000
paid
Contributions to the
45,000
fund
1,650,0
Dec. 31
00

Present value of defined benefit obligation,

Dec. 31 2,381,000
Fair value of plan assets, Dec. 31 1,650,000
Deficit - Net defined benefit liability -
Dec. 31 731,000

4. Solution:
Service cost:
(a) Current service cost 400,000
(b) Past service cost 200,000
(c) (Gain) or loss on settlement 40,000
640,000
Net interest on the net defined benefit liability
(asset):
(a) Interest cost on the defined benefit obligation
160,000
(1.6M x 10%)
(b) Interest income on plan assets (1.4M x 10%) (140,000)
(c) Interest on the effect of the asset ceiling -
20,000
Defined benefit cost recognized in profit or
660,000
loss

Remeasurements of the net defined benefit

liability (asset):
(a) Actuarial loss 10,000
(b) Difference between interest income on plan
assets
and return on plan assets (140,000 - 90,000) 50,000
(c) Difference between the interest on the effect of
the asset
ceiling and the change in the effect of the asset -

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ceiling
Defined benefit cost recognized in OCI 60,000

Total defined benefit cost 720,000

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