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Cima F2 Exam Question No 66

Question No 66:

ASD operates a defined benefit pension plan for its employees. At 1 January 2012 the fair value of the pension plan assets was $5,700,000 and the present value of the pension plan liabilities was $5,500,000. The net pension asset that resulted was correctly accounted for in accordance with IAS 19 Employee benefits.

The actuary estimates that the service cost for the year to 31 December 2012 is $1,020,000. The interest cost on the plan liabilities is estimated at 6% and the expected return on plan assets at 3% for the year to 31 December 2012. The pension plan paid $280,000 to retired members and ASD paid $820,000 in contributions to the pension plan for the year to 31 December 2012.
At 31 December 2012 the fair value of the pension plan assets is $6,300,000 and the present value of the pension plan liabilities is $6,500,000.

ASD recognises actuarial gains and losses in other comprehensive income in the period in which they occur.

Required:
In accordance with IAS 19 Employee benefits:
(i) Calculate the actuarial gains or losses on pension plan assets and liabilities that will be included in ASD’s other comprehensive income for the year ended 31 December 2012. (Round all figures to the nearest $000.)
(ii) Calculate the net pension asset or liability (stating which it is) that will be included in ASD’s statement of financial position as at 31 December 2012.

Answer:

Pension plan
(i) Actuarial gains and losses
 

	FV of plan assets $000	PV of plan liabilities $000
Opening balance	5,700	5,500
Service cost		1,020
Interest cost (6% x $5,500,000)		330
Expected return (3% x $5,700,000))	171
Benefits paid	(280)	(280)
Contributions	820
	6411	6570
Actuarial loss on plan assets	(111)
Actuarial gain on plan liabilities		(70)
Closing balance	6,300	6,500

(ii)

Statement of financial position	$000
Present value of pension plan liabilities at 31/12/12	6,500
Fair value of pension plan assets at 31/12/12/td>	(6,300)
Net pension liability	200

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