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In the event that an employer pays an amount to the defined contribution fund that is less than the amount payable: Select one: a
In the event that an employer pays an amount to the defined contribution fund that is less than the amount payable: Select one: a. a liability is to be recognised to the extent that the entity is entitled to a refund or a reduction in future contributions. b. an asset is to be recognised to the extent that the entity is entitled to a refund or a reduction in future contributions. c. an asset is to be recognised at the end of the reporting period for the unpaid contributions. d. a liability is to be recognised at the end of the reporting period for the unpaid contributions.
Expert Solution
Option b, an asset is to be recognised to the extent that the entity is entitled to a refund or a reduction in future contributions
Reason: This is because once the contributions are paid, the net liability is nil and the company recognises excess payments as asset and the same must be appropriately disclosed in the financial statements.
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