Determine what superannuation assets or liabilities will be recognised in Mosh Ltd’s statement of financial position as at 30 June 2020. – Essaylink

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Mosh Ltd operates both a defined contribution superannuation plan and a defined benefit

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contribution plan for its employees. During the year ended 30 June 2020, Mosh Ltd has

paid contributions of $240 000 to the trustee of its defined contribution plan, although the

total contribution due for its employees’ service during the year is $300 000.

The trustee of the defined benefit superannuation plan is concerned that the global

financial crisis has reduced the capacity of the plan to meet superannuation benefits.

As a result, an actuary was engaged during the 2019/2020 financial year and provided

the trustee with the following information on the plan’s obligations: the present value

of the defined benefit obligation at 1 July 2019 is $43 560 000 and it is $46 700 000 at

30 June 2020. The relevant discount rates are 6.0% (1 July 2019) and 5.0% (30 June

2020). The actuary also determined that for the 2019/2020 period, $2 300 000 in benefits

were paid to plan members, their contributions totalled $1 780 000 and the service cost

during the period was $1 900 000.

The trustee of the defined benefit plan has determined from the accounting records

that the fair value of plan assets at 1 July 2019 was $36 800 000 and at 30 June 2020 was

$32 560 000. The rate of return on the plan assets for the 2019/2020 period was 7%.

Required

(a) Determine what superannuation assets or liabilities will be recognised in Mosh Ltd’s

statement of financial position as at 30 June 2020.

(b) Determine the total superannuation expense or income recognised in Mosh Ltd’s

statement of comprehensive income for the year ended 30 June 2020.

Your answer must comply with the requirements of AASB 119. (LO10)

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