Chapter scope notes Exclude alternative measures of pension obligation (p.1202) Exclude Other Defined Benefit Plans (pp. 1216) Exclude appendices Characteristics of organizational relationship: operating company & pension plan Emphasis will be on Defined Benefit Pension Plan accounting and reporting Pension plans are provided by organizations to provide for eligible employees upon retirement In Canada they are provincially regulated The concept is straightforward: An organization
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a marine theme and cheerful employees wearing Hawaiian shirts. Trader Joe’s is differentiated with their innovative‚ one-of-a-kind foods priced well below their competitors. Trader Joe’s has an obligation to their employees‚ customers‚ and the community. To start off‚ Trader Joe’s has an obligation to their employees‚ and employees have certain expectations about their job concerning the job itself‚ pay‚ benefits‚ promotion‚ co-workers‚ and supervision.
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account for the two obligations noted as provisions in the lease agreement? ● Provision 1: “Lessor may require the lessee to perform general repairs and maintenance on the leased premises.” By entering the lease agreement‚ NeedsSpace (the lessee) becomes legally and contractually responsible for performing general repair and maintenance on the leased premises. Assuming that the lessee is required to make deposits to financially protect the lessor concerning the maintenance obligation by setting up a
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Overview of the Chapter Current and Noncurrent Liabilities Lease Obligations Pension Liabilities Contingent Liabilities & Commitments Deferred credits or income Off-Balance-Sheet Financing Liabilities at the Edge of Equity Equity Financing Book Value per Share Analysis of Liabilities Areas of observations: We need to make sure that companies account for all of them with proper details as to their amounts‚ due dates including conditions‚ encumbrances and limitation Most
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venture adds to the low winning limit of people. Along these lines individuals are poor since they have little interest in themselves and needy individuals don’t have the assets for human capital speculation. Growing indebtedness : The weight of obligation goes on from era to era. The quantity of those in the hold of this awful issue is even now substantial‚ regardless
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entity has a present obligation (legal or constructive) as a result of a past event. 2). It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of the obligation can be made. Q2.What is a contingent liability? What is the financial reporting treatment for contingent liabilities? Contingent liabilities are defined in IAS 37 as one of the following: • Possible obligations that arise from past events
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treaties criminalizing conduct‚ obliging a State to either extradite or prosecute one accused of the crime the subject of the treaty. The obligation has become increasingly central in the emerging legal regime against impunity and has a role in States’ armory of international criminal enforcement mechanisms.1 I.2 Sources of the “aut dedere aut judicare” obligation and its influence on the World Community. .I. 2.1 Conventions or treaties Multilateral treaties The first convention containing
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Accountability refers to the obligation of an individual to report formally to his superior for the proper discharge of his responsibility. It is the answerability of a subordinate to render an account of his activities to his superior. The person who accepts responsibility is accountable for the performance of the assigned duties. ’ To be accountable is. to be answerable for one’s conduct in respect to obligation fulfilled or unfulfilled" Accountability is the obligation of an individual to keep
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FASB ASC Project 1. The inventory at your company consists of computer software that the company has developed and is selling. You capitalized (rather than expensed) the cost of duplicating the software‚ the instruction manuals‚ and training material that are sold with the software. FASB ASC CITATION: Product Masters 985-330-25-1 The costs incurred for duplicating the computer software‚ documentation‚ and training materials from the product masters and for physically packaging the
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Issue Is there a basis for piercing the veil of HCE-NJ and imposing personal liability for the corporate obligation on Hildreth? Rule In order for a court to pierce the corporate veil‚ two requirements must exist: (1) domination of a corporation by its shareholders; and (2) use of that domination for an improper purpose (defrauding creditors‚ circumventing a statute‚ or evading an existing obligation. Application
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