Question: The Kissel Trucking Company Inc. has a defined benefit pension plan for its employees. At December 31, Year 1, the following information is available regarding Kissel's plan:
Fair value of plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . $30,000,000
Present calue of defined benefit obligation. . . . . . . . . . . . . . . 38,000,000
Interest costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000
Net unrecognized actuarial gains. . . . . . . . . . . . . . . . . . . . . . 300,000
Recognized actuarial gains. . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Unrecognized past service costs. . . . . . . . . . . . . . . . . . . . . . 375,000
Required: Determine the amount that Kissel will report on the balance sheet as of December 31, Year 1 for this pension plan under
(a) IFRS and
(b) U.S. GAAP.