LO7-12: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for postretirment benefit plans.
1. Summarize the differences in accounting for pensions under US GAAP and IFRS.
Under IAS No. 19, the changes that constitute the components of the net pension cost are separated into: the cost of service, the cost of financing that cost, gains and losses from occasional remeasurement of the cost.