USGAAP and IFRS Require Firms to Recognize the Cost of Pension

question 114

True/False

U.S.GAAP and IFRS require firms to recognize the cost of pension plans as an expense during the years as the employees receive the retirement benefits.

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Definitions:

Interconnected System

A complex configuration in which components or entities are linked together so that each part affects or is affected by others.

Negatively Associated

Connected in such a way that one may adversely influence the perception of another.

Eccentric

Deviating from conventional or accepted usage or conduct, especially in odd or whimsical ways.

Conventional

Based on or in accordance with what is generally done or believed; traditional, not unusual or experimental.