For ASPE and IFRS, the Past Service Costs Are

question 41

Multiple Choice

For ASPE and IFRS, the past service costs are

• A) recognized immediately in expense.
• B) deferred and amortized over the life of the pension.
• C) not included in expenses.
• D) restated in the year they are applicable to.

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Definitions:

Marginal Social Benefit

The additional benefit to society as a whole from producing or consuming one more unit of a good.

Public Good

A product or service that is provided without profit to all members of a society, either by the government or a private individual or organization, characterized by non-excludability and non-rivalry.

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service.

Public Good

A good that is non-excludable and non-rivalrous, meaning no one can be effectively excluded from its use, and someone's use of it does not reduce its availability to others.