FAR Chapter 7 Flashcards by Maria Nacusse

{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

When Olin’s company implemented the plan and Olinto already had10 of the 20 years of service required, what is the entry the Company records?

Dr. OCI (expense not ready for I/S)
Cr. Liability

if the Company increased the % that they’ll pay you
Dr. OCI
Cr. Liability

How well did you know this?

Not at all

Perfectly

IFRS - what happens if the Company is now giving you a benefit that involved your employment in the past 10 years?

Recognize the entire prior period expense on the current year

How well did you know this?

Not at all

Perfectly

FAR Chapter 7 Flashcards

(2 cards)