Which of the following is/are not true?
a. U.S. GAAP and IFRS do not permit the employer to prepare consolidated financial statements with the retirement trust.
b. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as a retained earnings reserve on its balance sheet.
c. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income.
d. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.
e. all of the above
B
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