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Question: present your calculations and answers to the following cases and...

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Present your calculations and answers to the following cases and identifying the relevant considerations and main measurement criteria, both for IFRS and US GAAP, applicable to each situation:

Question1:

The following information (in $million) related to the defined benefit scheme of Basil plc for the year ended 31 Dec 20X7:

The fair value of plan assets at 1 January of 20X7 is $3,150 and at 31 December 20X7 is $3,386; contributions is $26; current service cost is $85; past service cost $150; present value of the obligation at 1 January 20X7 is $3,750 and at 31 December 20X7 is $4, 192

The discount rate was 7% at 31 December 20X6 and 8% at 31 Dece,ber 20X7

Required: Show the amount that will be recognized in the statement of comprehensive income and statement of financial position for Basil plc for the year ended 31 December 20X7 under IAS 19(2011) and the movement in the net liability.

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