FAR570 Mari-Mari Bhd operates a defined benefit plan for its employees. The following are the fair value (FV) of plan assets: FINANCIAL ACCOUNTING Assignment, Malaysia

School

Universiti Teknologi Malaysia (UTM)

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Assignment Type

Individual Assignment

Subject

FAR570 FINANCIAL ACCOUNTING Assignment

Uploaded by Malaysia Assignment Help

Date

18/11/2023

QUESTION 5
Mari-Mari Bhd operates a defined benefit plan for its employees. The following are the fair value (FV) of plan assets and present value (PV) of plan obligations on 1 January 2021 and 31 December 2021:

FAR570 FINANCIAL ACCOUNTING Assignment
During the year 2021, Mari Mari Bhd contributed RM400,000 to the scheme and made payments to retired employees amounted to RM207,200. The current service cost was RM160,000. In the same year, Mari Mari made improvements to the plan. Based on an actuarial valuation, past service cost was determined at RM10,000. The actuarial loss calculated from the present value of the obligation was RM467,960. The entity uses a discount rate of 10% and expects its return on the plan assets to be 12%.

Required:
a) Compute the actuarial gain or loss on the plan assets for the year ended 31
December 2021.
b) Compute the defined benefit costs that should be recognised in the statement of profit or loss for the year ended 31 December 2021.

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