Short-term benefits must be recognized as an expense unless ___ allows a different approach.

Another accounting standard

True or False: Defined contribution plans place the actuarial and investment risks on the employer.

False. In defined contribution plans, employees bear the actuarial and investment risks.

List the four main types of short-term employee benefits.

Regular period benefits, compensation of short-term absence, bonuses/profits payable within 12 months, and non-monetary benefits.

Termination benefits become payable when an employee's service is ended due to ___ or ___ by the employee.

Company decision or voluntary redundancy

Fill in the blank: Actuarial gains and losses must be recognized immediately in the income statement as ___ or ___.

Income or expense

True or False: The fair value of plan assets is always recognized as part of the defined benefit liability calculation.

False. It is included only if applicable for direct settlement of obligations.

Fill in the blank: A contingent liability must be disclosed in accordance with AS-29 if a company is unsure about how many employees will accept ___ benefits.

Termination

What should be done if there is a variance between recognized expenses and cash payments for short-term benefits?

The variance should be recorded as a liability or prepayment (asset) accordingly.

True or False: The discount rate used for financial assumptions should be based on the projected rates of return on assets.

False. The discount rate should be based on the market rate as of the balance sheet date.

Fill in the blank: Defined benefit plans require detailed actuarial calculations to determine the ___ liability.

Defined benefit