Chapter
20-1
CHAPTER
20
ACCOUNTING FOR PENSIONS AND
POSTRETIREMENT BENEFITS
Intermediate Accounting
13th Edition
Kieso, Weygandt, and Warfield
Chapter
20-2
Learning Objectives
1.
Distinguish between accounting for the employer’s pension plan
and accounting for the pension fund.
2.
Identify types of pension plans and their characteristics.
3.
Explain alternative measures for valuing the pension obligation.
4.
List the components of pension expense.
5.
Use a worksheet for employer’s pension plan entries.
6.
Describe the amortization of unrecognized prior service costs.
7.
Explain the accounting procedure for recognizing unexpected
gains and losses.
8.
Explain the corridor approach to amortizing unrecognized gains
and losses.
9.
Describe the requirements for reporting pension plans in financial
statements.
Chapter
20-3
Accounting for Pensions and Postretirement Benefits
Nature of
Pension Plans
Accounting for
Pensions
Defined
contribution plan
Alternative
measures of
liability
Defined-benefit
plan
Role of actuaries
Recognition of
net funded status
Components of
pension expense
Using a Pension
Worksheet
2010 entries and
worksheet
Amortization of
prior service cost
2011 entries and
worksheet
Gain or loss
2012 entries and
worksheet
Chapter
20-4
Reporting
Pension Plans in
Financial
Statements
Within the
financial
statements
Within the notes
to the financial
statements
Pension note
disclosure
2013 entries and
worksheet—a
comprehensive
example
Special issues
Nature of Pension Plans
A Pension Plan is an arrangement whereby an employer provides
benefits (payments) to employees after they retire for
services they provided while they were working.
Pension Plan
Administrator
Employer
Retired
Employees
Chapter
20-5
Benefit Payments
Assets &
Liabilities
LO 1 Distinguish between accounting for the employer’s
pension plan and accounting for the pension fund.
Nature of Pension Plans
Some pension plans are:
Contributory: employees voluntarily make
payments to increase their benefits.
Noncontributory: employer bears the entire cost.
Qualified pension plans: offer tax benefits.
Pension fund should be a separate legal and
accounting entity.
Chapter
20-6
LO 1 Distinguish between accounting for the employer’s
pension plan and accounting for the pension fund.
Types of Pension Plans
Defined-Contribution Plan



Employer contribution
determined by plan (fixed)
Risk borne by employees
Benefits based on plan value
Defined-Benefit Plan



Benefit determined by plan
Employer contribution varies
(determined by Actuaries)
Risk borne by employer
Actuaries estimate the employer contribution by considering
mortality rates, employee turnover, interest and earning rates,
early retirement frequency, future salaries, etc.
Chapter
20-7
LO 2 Identify types of pension plans and their characteristics.
Accounting for Pensions
Two questions:
(1) What is the pension obligation that a company
should report in the financial statements?
(2) What is the pension expense for the period?
Chapter
20-8
LO 3 Explain alternative measures for valuing the pension obligation.
Accounting for Pensions
The employer’s pension
obligation is the
deferred compensation
obligation it has to its
employees for their
service under the terms
of the pension plan.
Alternative measures of the Liability
Illustration 20-3
FASB’s
choice
Chapter
20-9
LO 3 Explain alternative measures for valuing the pension obligation.
Accounting for Pensions
Recognition of the Net Funded Status
Companies must recognize on their balance sheet the
full overfunded or underfunded status of their
defined-benefit pension plan.
The overfunded or underfunded status is measured as
the difference between the fair value of the plan
assets and the projected benefit obligation.
Chapter
20-10
LO 3 Explain alternative measures for valuing the pension obligation.
Accounting for Pensions
Components of Pension Expense
1.
Service Costs
2.
Interest on the Liability
3.
Actual Return on Plan Assets
4.
Amortization of Prior Service Costs
5.
Gain or Loss
Chapter
20-11
Effect on
Expense
+
+
++
+-
LO 4 List the components of pension expense.
Accounting for Pensions
Components of Pension Expense
1.
Service Costs
Effect on
Expense
+
Actuarial present value of benefits attributed by
the pension benefit formula to employee service
during the period.
Chapter
20-12
LO 4 List the components of pension expense.
Accounting for Pensions
Components of Pension Expense
2.
Interest on the Liability
Effect on
Expense
+
Interest for the period on the projected benefit
obligation outstanding during the period.
The interest rate (settlement rate) should reflect
the rate at which companies can effectively settle
pension benefits.
Chapter
20-13
LO 4 List the components of pension expense.
Accounting for Pensions
Components of Pension Expense
3.
Actual Return on Plan Assets
Effect on
Expense
+-
The actual return on plan assets is the increase in
pension funds from interest, dividends, and realized
and unrealized changes in the fair-market value of
the plan assets.
Chapter
20-14
LO 4 List the components of pension expense.
Accounting for Pensions
Components of Pension Expense
4.
Amortization of Prior Service Costs
Effect on
Expense
+
Plan amendments often increase benefits for service
provided in prior years.
The cost (prior service cost) of providing these
retroactive benefits is allocated to pension expense
over the remaining service-years of the affected
employees.
Chapter
20-15
LO 4 List the components of pension expense.
Accounting for Pensions
Components of Pension Expense
5.
Gain or Loss
Effect on
Expense
+-
Volatility in pension expense can result from sudden
and large changes in the market value of plan assets
and by changes in the projected benefit obligation.
Chapter
20-16
LO 4 List the components of pension expense.
Pension Items Not Recognized
Companies do not recognize two main items in the accounts and
in the financial statements:
Projected benefit obligation.
Pension plan assets.
A company must disclose in notes to the financial statements, but
not in the body of the financials.
Some items are recognized in other comprehensive income;
changes in these items are amortized into expense through
smoothing techniques.
Prior service costs.
Actuarial gains and losses.
Chapter
20-17
LO 5 Use a worksheet for employer’s pension plan entries.
Using a Pension Work Sheet
Pension Work Sheet
Items
Pension
Expense
GENERAL JOURNAL ENTRIES
Other Comprehensive Income
(OCI)
Prior
Service
Cash
Costs (PSC)
Gain/Loss
The “General Journal Entries” columns
determine the journal entries to be
recorded in the formal general ledger.
Chapter
20-18
MEMO RECORD
Pension
Asset /
Liability
Projected
Benefit
Obligation
Plan
Assets
The “Memo Record”
columns maintain balances
for the unrecognized
pension items.
LO 5 Use a worksheet for employer’s pension plan entries.
Using a Pension Work Sheet
BE20-3: At January 1, 20100, KRC Company had plan
assets of $280,000 and a projected benefit obligation
of the same amount. During 2010, service cost was
$27,500, the settlement rate was 10%, actual and
expected return on plan assets were $25,000,
contributions were $20,000, and benefits paid were
$17,500.
Instructions: Prepare a pension worksheet for KRC for
2010.
Chapter
20-19
LO 5 Use a worksheet for employer’s pension plan entries.
Using a Pension Work Sheet
BE20-3: Prepare a pension worksheet for KRC for 2010.
GENERAL JOURNAL ENTRIES
MEMO RECORD
OCI
Items
Jan. 1, 2010
Service costs
Interest costs
Actual return
Contributions
Benefits paid
Journal entry
Dec. 31, 2010
Pension
Expense
27,500
28,000
(25,000)
Cash
PSC
Gain/Loss
Pension
Asset /
Liability
0
Projected
Benefit
Obligation
(280,000)
(27,500)
(28,000)
($280,000 x 10%)
(20,000)
17,500
30,500
(20,000)
-
Plan
Assets
280,000
-
(10,500)
(10,500)
(318,000)
25,000
20,000
(17,500)
307,500
($10,500) net liability
Chapter
20-20
LO 5 Use a worksheet for employer’s pension plan entries.
Using a Pension Work Sheet
Note the following about the Work Sheet:
The balance in the Pension Asset / Liability column
should equal the net balance in the memo record –
this is the “net funded position” of the pension
plan. If a credit balance, Pension liability; if a
debit balance, Pension asset.
For each transaction or event, the debits must
equal the credits.
Chapter
20-21
LO 5 Use a worksheet for employer’s pension plan entries.
Prior Service Cost
Amortization of Prior Service Cost
Company should not recognize the retroactive benefits
as pension expense entirely in the year of amendment.
Employer should recognize the pension expense over
the remaining service lives of the employees who are
expected to benefit from the change in the plan.
Amortization Method:
Board prefers a years-of-service method.
SFAS No. 158 allows use of the straight-line method.
Chapter
20-22
LO 6 Describe the amortization of prior service costs.
Using a Pension Work Sheet
E20-7: The following defined pension data of Rydell Corp. apply
to the year 2010.
Projected benefit obligation, 1/1/10 (before amendment)
Plan assets, 1/1/10
Pension liability
On January 1, 2010, Rydell Corp., through plan amendment,
grants prior service benefits having a present value of
Settlement rate
Service cost
Contributions (funding)
Actual (expected) return on plan assets
Benefits paid to retirees
Prior service cost amortization for 2010
$560,000
546,200
13,800
120,000
9%
58,000
65,000
52,280
40,000
17,000
Instructions: For 2010, prepare a pension work sheet for Rydell Corp. that
shows the journal entry for pension expense.
Chapter
20-23
LO 6 Describe the amortization of prior service costs.
Using a Pension Work Sheet – E20-7
GENERAL JOURNAL ENTRIES
MEMO RECORD
OCI
Items
Dec. 31, 2009
PSC
Pension
Expense
Cash
PSC
Gain /
Loss
Pension
Asset /
Liability
(13,800)
120,000
Bal. Jan. 1, 2010
Service costs
Interest costs
58,000
61,200
Asset Return
Plan
Assets
546,200
(680,000)
546,200
(58,000)
(61,200)
(52,280)
Amort. PSC
52,280
17,000
Contributions
Benefits paid
(17,000)
(65,000)
40,000
Journal entry
83,920
AOCI -12/31/2009
Dec. 31, 2010
Chapter
20-24
Projected
Benefit
Obligation
(560,000)
(120,000)
(65,000) 103,000
(121,920)
103,000
Solution on
notes page
65,000
(40,000)
-
(135,720)
(759,200)
623,480
($135,720) liability
Using a Pension Work Sheet
E20-7: Pension Journal Entry for 2010.
Dec. 31
Pension Expense
OCI - PSC
Chapter
20-25
83,920
103,000
Pension Liability
121,920
Cash
65,000
LO 6 Describe the amortization of prior service costs.
Gains and Losses
Gain or Loss
Unexpected swings in pension expense can result from:
1. Changes in the market value of plan assets, and
2. Changes in actuarial assumptions that affect the
amount of the projected benefit obligation.
Chapter
20-26
LO 7 Explain the accounting for unexpected gains and losses.
Gains and Losses
Question: What is the potential negative impact on
Net Income of these unexpected swings?
Volatility
The profession decided
to reduce the volatility
with smoothing
techniques.
Chapter
20-27
LO 7 Explain the accounting for unexpected gains and losses.
Gains and Losses
Question: What happens to the difference
between the expected return and the actual return?
Answer
Recorded in Net Gain or Loss
account.
Amortize amount in excess of
corridor to pension expense,
over the average remaining
service period of active
employees expected to receive
benefits under the plan.
Chapter
20-28
LO 7 Explain the accounting for unexpected gains and losses.
Gains and Losses
Question: What happens with unexpected gains or
losses from changes in the Projected Benefit
Obligation (PBO)?
Answer
Recorded in Net Gain or Loss
account.
Amortize amount in excess of
corridor to pension expense,
over the average remaining
service period of active
employees expected to receive
benefits under the plan.
Chapter
20-29
LO 7 Explain the accounting for unexpected gains and losses.
Gains and Losses
Corridor Amortization
FASB invented the corridor approach for amortizing
the accumulated net gain or loss balance when it gets
too large. How large is too large?
10% of the larger of the beginning balances of the
projected benefit obligation or the market-related
value (which may equal fair value) of the plan assets.
Any accumulated net gain or loss balance above the
10% must be amortized.
Chapter
20-30
LO 8 Explain the corridor approach to amortizing gains and losses.
Gains and Losses
BE20-7: Shin Corporation had a projected benefit
obligation of $3,100,000 and plan assets of $3,300,000
at January 1, 2010. Shin’s also had a net pension
actuarial loss of $465,000 in accumulated OCI at
January 1, 2020. The average remaining service period
of Shin’s employees is 7.5 years.
Instructions: Compute Shin’s minimum amortization of
the actuarial loss.
Chapter
20-31
LO 8 Explain the corridor approach to amortizing gains and losses.
Gains and Losses
BE20-7: Compute Shin’s amortization of the loss.
Amortization
Projected benefit obligation
Plan assets
$ (3,100,000)
3,300,000
$ 3,300,000
Corridor percentage
10%
Corridor amount
330,000
Accumulated loss
465,000
Excess loss subject to amortization
135,000
Average remaining service
Amortized to pension expense
Chapter
20-32
÷
7.5
$
18,000
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2: Jackson Company adopts acceptable accounting for its
defined benefit pension plan on January 1, 2009, with the following
beginning balances: plan assets $200,000; projected benefit
obligation $250,000. Other data are as follows.
Annual service cost
Settlement rate and expected rate of return
2009
2010
2011
$ 16,000
$ 19,000
$ 26,000
10%
10%
10%
Actual return on plan assets
18,000
22,000
24,000
Annual funding (contributions)
16,000
40,000
48,000
Benefits paid
14,000
16,400
21,000
Prior service cost (plan amended, 1/1/10)
160,000
Amortization of prior service cost
54,400
Change in actuarial assumptions, Dec. 31 PBO
Average remaining service life
Chapter
20-33
41,600
520,000
15 years
15 years
15 years
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2: Pension Work Sheet for 2009
GENERAL JOURNAL ENTRIES
MEMO RECORD
OCI
Items
Bal. Jan. 1, 2009
Pension
Expense
Cash
Pension
Asset /
Liability
(50,000)
Gain /
Loss
PSC
Projected
Benefit
Obligation
(250,000)
Service costs
16,000
(16,000)
Interest
25,000
(25,000)
Return on assets
Unexpected loss
(18,000)
(2,000)
Contributions
Benefits paid
Journal entry
18,000
*
2,000
(16,000)
14,000
21,000
(16,000)
2,000
AOCI - 12/31/08
16,000
(14,000)
(7,000)
-
Dec. 31, 2009
-
* Expected Return on Plan Assets $200,000
10% = $20,000
Chapter
20-34
Plan
Assets
200,000
2,000
x
(57,000)
Solution on
notes page
(277,000)
220,000
($57,000)
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2 Pension Journal Entry for 2009
Dec. 31
Pension Expense
21,000
OCI – Gain/Loss
2,000
Pension Asset/Liability
Cash
Chapter
20-35
7,000
16,000
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2: Pension Work Sheet for 2010
Items
Bal. Jan. 1, 2010
Prior service costs
Pension
Expense
GENERAL JOURNAL ENTRIES
OCI
Gain /
Cash
PSC
Loss
2,000
160,000
Pension
Asset
Liability
(57,000)
Adj Bal., 1/1/10
MEMO RECORD
Projected
Benefit
Plan
Obligation
Assets
(277,000)
220,000
(160,000)
(437,000)
Service costs
19,000
(19,000)
Interest
43,700
(43,700)
Return on assets
(22,000)
Amort. of PSC
Contributions
Benefits paid
54,400
Journal entry
95,100
*
22,000
(54,400)
(40,000)
16,400
(40,000)
105,600
AOCI - 12/31/09
Dec. 31, 2010
40,000
(16,400)
(160,700)
2,000
105,600
* Actual return = Expected Return
Chapter
20-36
220,000
2,000
(217,700)
Solution on
notes page
(483,300)
265,600
($217,700) liability
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2 Pension Journal Entry for 2010
Dec. 31
Pension Expense
OCI - PSC
Pension Asset/Liability
Cash
Chapter
20-37
95,100
105,600
160,700
40,000
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2: Pension Work Sheet for 2011
Items
Bal. Dec. 31, 2010
Pension
Expense
GENERAL JOURNAL ENTRIES
OCI
Gain /
Cash
PSC
Loss
105,600
2,000
Pension
Asset /
Liability
(217,700)
MEMO RECORD
Projected
Benefit
Plan
Obligation
Assets
(483,300) 265,600
Service costs
26,000
(26,000)
Interest
48,330
(48,330)
Return on assets
(24,000)
Unexpected loss
(2,560)
Amort. of PSC
41,600
Contributions
Benefits paid
Liability gain
Journal entry
AOCI - 12/31/10
Dec. 31, 2011
* Plug
Chapter
20-38
24,000
2,560
(41,600)
(48,000)
21,000
16,630
(16,630)
89,370
(48,000)
(41,600)
105,600
64,000
(14,070)
14,300
48,000
(21,000)
*
2,000
(12,070)
(203,400)
Solution on
notes page
(520,000)
316,600
($203,400) liability
LO 8 Explain the corridor approach to amortizing gains and losses.
Using a Pension Work Sheet
P20-2 Pension Journal Entry for 2011
Dec. 31
Chapter
20-39
Pension Expense
89,370
Pension Asset/Liability
14,300
OCI - Gain/Loss
14,070
OCI - PSC
41,600
Cash
48,000
LO 8 Explain the corridor approach to amortizing gains and losses.
Reporting Pension Plans in Financial Statements
Within the Financial Statements
Pension expense
Pension Asset / Liability
Components of Accumulated Other
Comprehensive Income
Chapter
20-40
LO 9 Describe the requirements for reporting
pension plans in financial statements.
Reporting Pension Plans in Financial Statements
Within the Notes to the Financial Statements
1.
Major components of pension expense.
2. Reconciliation showing how the projected benefit
obligation and the fair value of the plan assets changed.
3. Amounts recognized in accumulated other comprehensive
income that have not yet been recognized in pension
expense, showing separately the net gain or loss and
prior service costs, and the amounts to be recognized is
pension expense in the next year.
Chapter
20-41
LO 9 Describe the requirements for reporting
pension plans in financial statements.
Reporting Pension Plans in Financial Statements
Within the Notes to the Financial Statements
4. Disclosure of the rates used in measuring the benefit
amounts (discount rate, expected return on plan assets,
rate of compensation).
5. Table indicating the allocation of pension plan assets by
category (e.g., types of investments).
6. The expected benefit payments to be paid to current
plan participants for each of the next five fiscal years
and in the aggregate for the five fiscal years
thereafter.
Chapter
20-42
LO 9 Describe the requirements for reporting
pension plans in financial statements.
Reporting Pension Plans in Financial Statements
Special Issues
The Pension Reform Act of 1974
Pension Terminations
Chapter
20-43
LO 9 Describe the requirements for reporting
pension plans in financial statements.

iGAAP and U.S. GAAP separate pension plans into definedcontribution plans and defined-benefit plans. The accounting for
defined-contribution plans is similar.

For defined-benefit plans, both iGAAP and U.S. GAAP recognize the
net of the pension assets and liabilities on the balance sheet. Unlike
U.S. GAAP, which recognizes prior service cost on the balance sheet
(as an element of “Accumulated other comprehensive income”),
iGAAP does not recognize prior service costs on the balance sheet.
Both GAAPs amortize prior service costs into income over the
expected service lives of employees.
Chapter
20-44

Another difference in defined-benefit recognition is that under
iGAAP companies have the choice of recognizing actuarial gains and
losses in income immediately or amortizing them over the expected
remaining working lives of employees. U.S. GAAP does not permit
choice.

The IASB has recently issued a discussion paper on pensions
proposing: (1) elimination of smoothing via the corridor approach,
(2) a different presentation of pension costs in the income
statement, and (3) a new category of pensions for accounting
purposes—so-called “contribution-based promises.”
Chapter
20-45
Accounting Guidance
In December 1990, the FASB issued rules on “Employers’
Accounting for Postretirement Benefits Other Than
Pensions.” These rules cover for healthcare and other
“welfare benefits” provided to retirees, their spouses,
dependents, and beneficiaries.
Other welfare benefits include life insurance offered
outside a pension plan; medical, dental, and eye care; legal
and tax services; tuition assistance; day care; and housing
assistance.
Chapter
20-46
Differences Between Pension Benefits and
Healthcare Benefits
Illustration 20A-1
Chapter
20-47
LO 10 Identify the differences between pensions
and postretirement healthcare benefits.
Differences Between Pension Benefits and
Healthcare Benefits
Measuring the future payments for healthcare benefit plans is so
much more difficult than for pension plans.
1.
Many postretirement plans do not set a limit on healthcare
benefits.
2. The levels of healthcare benefit use and healthcare costs
are difficult to predict. Increased longevity, unexpected
illnesses (e.g., AIDS, SARS, and avian flu), along with new
medical technologies and cures, cause changes in healthcare
Chapter
20-48
utilization.
LO 10 Identify the differences between pensions
and postretirement healthcare benefits.
Postretirement Benefits Accounting Provisions
Attribution Period - period of time over which the
postretirement benefit cost accrue.
Illustration 20A-2
Chapter
20-49
LO 10 Identify the differences between pensions
and postretirement healthcare benefits.
Postretirement Benefits Accounting Provisions
Obligations Under Postretirement Benefits
Expected postretirement benefit obligation (EPBO) is
the actuarial present value as of a particular date of all
benefits a company expects to pay after retirement to
employees and their dependents.
Accumulated postretirement benefit obligation (APBO) is
the actuarial present value of future benefits attributed
to employees’ services rendered to a particular date.
Chapter
20-50
LO 10 Identify the differences between pensions
and postretirement healthcare benefits.
Postretirement Benefits Accounting Provisions
Postretirement Expense
1. Service Cost
2. Interest Cost
3. Actual Return on Plan Assets
4. Amortization of Prior Service Costs
5. Gains and Losses
Chapter
20-51
LO 10 Identify the differences between pensions
and postretirement healthcare benefits.
Illustrative Accounting Entries
2010 Entries
and Worksheet
Illustration: The use of a worksheet in accounting for a postretirement
benefits plan, assume that on January 1, 2010, Quest Company adopts a
healthcare benefit plan. The following facts apply to the postretirement
benefits plan for the year 2010.
Chapter
20-52

Plan assets at fair value on January 1, 2010, are zero.

Actual and expected returns on plan assets are zero.

Accumulated postretirement benefit obligation (APBO), January 1, 2010, is
zero.

Service cost is $54,000.

No prior service cost exists.

Interest cost on the APBO is zero.

Funding contributions during the year are $38,000.

Benefit payments to employees from plan are $28,000.
LO 11 Contrast accounting for pensions to accounting
for other postretirement benefits.
Illustrative Accounting Entries
2010 Entries
and Worksheet
Illustration 20A-4
Chapter
20-53
Journal
Entry
Illustrative Accounting Entries
Recognition of Gains and Losses
Gains and losses represent changes in the APBO or the value
of plan assets. Gains and losses are recorded in other
comprehensive income.
 The Corridor Approach
 Amortization Methods
Chapter
20-54
LO 11 Contrast accounting for pensions to accounting
for other postretirement benefits.
Illustrative Accounting Entries
2011 Entries
and Worksheet
Illustration: The following facts apply to the postretirement benefits
plan for Quest Company for the year 2011.
Chapter
20-55

Actual return on plan assets is $600.

Expected return on plan assets is $800.

Discount rate is 8 percent.

Increase in APBO due to change in actuarial assumptions is
$60,000.

Service cost is $26,000.

Funding contributions during the year are $18,000.

Benefit payments to employees during the year are $5,000.

Average remaining service to expected retirement: 25 years.
LO 11 Contrast accounting for pensions to accounting
for other postretirement benefits.
Illustrative Accounting Entries
2011 Entries
and Worksheet
Illustration 20A-6
Chapter
20-56
Journal
Entry
Illustrative Accounting Entries
Amortization of Gains and Losses in 2012
Illustration 20A-8
Chapter
20-57
LO 11 Contrast accounting for pensions to accounting
for other postretirement benefits.
Copyright
Copyright © 2009 John Wiley & Sons, Inc. All rights reserved.
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