Question : 141. Which of the following is/are not true? A. U.S. GAAP and IFRS : 1230456

141. Which of the following is/are not true? A. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust.B. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. C. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income. D. Notes to the financial statements do not provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.E. all of the above

142. Which of the following is/are not true? A. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust.B. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. C. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to net income. D. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.E. all of the above

143. Which of the following is/are not true? A. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust.B. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as a retained earnings reserve on its balance sheet. C. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income. D. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.E. all of the above

144. Which of the following is/are not true? A. U.S. GAAP and IFRS permit the employer to prepare consolidated financial statements with the retirement trust.B. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet. C. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income. D. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.E. all of the above

145. Which of the following is/are not true? A. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. B. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. C. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect other comprehensive income. D. Firms amortize the amounts in Other Comprehensive Income over the expected period of benefit as an adjustment to retirement plan cost. E. all of the above

146. Which of the following is/are not true? A. An employer must recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. B. U.S. GAAP and IFRS require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. C. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect other comprehensive income. D. Firms amortize the amounts in Other Comprehensive Income over the expected period of benefit as an adjustment to retirement plan cost. E. all of the above

147. Which of the following is/are not true? A. An employer must recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. B. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. C. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect net income. D. Firms amortize the amounts in Other Comprehensive Income over the expected period of benefit as an adjustment to retirement plan cost. E. all of the above

148. Which of the following is/are not true? A. An employer must recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. B. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. C. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect other comprehensive income. D. Firms amortize the amounts in the contingency reserve for underfunded/overfunded retirement plans over the expected period of benefit as an adjustment to retirement plan cost. E. all of the above

149. Which of the following is/are true? A. An employer must recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. B. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. C. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect other comprehensive income. D. Firms amortize the amounts in Other Comprehensive Income over the expected period of benefit as an adjustment to retirement plan cost. E. all of the above

150. Income before taxes for financial reporting usually differs from taxable income reported to tax authorities. Which of the following is/are true? A. Some of the differences may arise because of permanent differences (items that affect income for financial reporting but never affect taxable income, or vice versa).B. Some of the differences may arise because of temporary differences (items that affect income for financial reporting in a different period than for tax reporting). C. The difference between income tax expense and income tax payable represents the tax effects of temporary differences: either the firm will receive future benefits (deferred tax assets) or it must pay future taxes (deferred tax liabilities).D. U.S. GAAP and IFRS require firms to measure income tax expense based on income for financial reporting (excluding permanent differences) and the income tax authorities impose taxes on taxable income.  E. all of the above