University of Maryland Accounting Discussion

I’m working on a accounting question and need an explanation and answer to help me learn.

Your client has established a defined benefit pension plan for its employees. At year end, the client is determining how to report the funded status of the pension plan on the balance sheet when the plan’s projected benefit obligation exceeds the fair value of the plan assets. Which section of the authoritative literature indicates whether to report an asset or liability with respect to the funded status of the pension plan? Enter your response in the answer fields below. Unless specifically requested, your response should not cite implementation guidance. Guidance on correctly structuring your response appears above and below the answer fields. Type the topic here. Correctly formatted FASB ASC topics are 3 digits. FASB ASC –

An entity has a defined benefit pension plan for which the projected benefit obligation exceeds the fair value of plan assets. Which section of the authoritative literature describes whether to record an asset or liability when the pension plan’s PBO exceeded its fair value of plan assets? Enter your response in the answer fields below. Unless specifically requested your response should not cite implementation guidance. Guidance on correctly structuring your response appears above and below the answer fields.