Sep 21, 2017 term paper 2

THE FOLLOWING INFORMATION (IN £M) RELATES TO THE DEFINED BENEFIT SCHEME OF BASIL PLC FOR THE YEAR…

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The following information (in £m) relates to the defined benefit scheme of Basil plc for the year ended 31 December 20X7: Fair value of plan assets at 1 January 20X7 £3,150 and at 31 December 20X7 £2,384; contributions £26; current service cost £80; benefits paid £85; past service cost £150; present value of the obligation at 1 January 20X7 £3,750 and at 31 December 20X7 £4,192. The discount rate was 7% at 31 December 20X6 and 8% at 31 December 20X7. The expected rate of return on plan assets was 9% at 31 December 20X6 and 10% at 31 December 20X7.

Required:

Show the amounts that will be recognised in the statement of comprehensive income and statement of financial position for Basil plc for the year ended 31 December 20X7 under IAS 19 Employee Benefits and the movement in the net liability


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