Remeasurements of defined benefit plan include which of the following?*1 pointThe difference between actual return and interest income on plan assetsActuarial gain or loss on defined benefit obligationChange in the effect of asset ceiling less the interest expense on the beginning of asset ceiling.All of these are included in the remeasurement of defined benefit plan

Question 3The following statements are true about asset ceiling except for:Answer :It needs to be considered when the present value the defined benefit obligation exceeds the fair value of the plan asset.    When the assets ceiling is lower than the surplus of the plan asset over the defined benefit obligation, the asset ceiling will be recognised in the statement of financial position.   It is the present value of future economic benefits in the form of refunds from the plan.

The report of defined benefit plan shall contain: I. A statement showing net assets available for benefits, the present value of promised benefit and the resulting excess or deficit. II. A statement of net assets available for benefits including a note disclosing the present value of proised benefits  *1 pointI onlyII onlyboth I & IIeither I & II

Which statement is incorrect concerning the recognition and measurement of defined benefit plan?*1 pointActuarial assumptions are required to measure the obligation and expense and there is possibility of actuarial gains and losses.The obligation is measured on a discounted basis.The expense recognized for defined benefit plan is not necessarily equal to the amount of contribution due the period.None of the foregoing

The report of defined contribution plan shall contain: I. Statement of net asset available for Benefit II. A description of funding entity  *1 pointI onlyII onlyboth I & IIeither I & II

Question 5On 31 December 20X2, the present value of defined benefit obligation and  fair value of defined benefit asset are RM700 million and RM750 million respectively. The future economic benefit of the plan asset is RM65 million. The retirement benefit at 31 December 20X2 isAnswer :Net defined obligation of RM50 million   Net defined asset of RM50 million   Net defined obligation of RM65 million  Net defined asset of RM65 million