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Which of the following statements regarding pension accounting under U.S. GAAP standards and/or under International Financial Reporting Standards (IFRS) is most accurate? A. Under IFRS, the funded status (difference in the PBO and the plan assets) is now reported on the balance sheet. B. Under IFRS and U.S. GAAP, the calculation of pension expense is the same. C. Under U.S. GAAP, firms are required to provide a reconciliation of the funded status and the reported net pension asset or liability. |