Pension Surplus/ Deficit, impact on balance sheet in US GAAP or IFRS

CFA Level I FRA
#1

My question is as follows, If I have in my company a surplus in a pension plan of let’s say 50% above the required level to cover liabilities, is possible to recognize it as a gain in Income Statement or Comprehensive income? both in IFRS or US GAAP?, in case of pension deficit, is a liability in both standards?

Thanks in advance for reading my doubt,

#2

If the pension plan is in the surplus, then you do not recognize that as a gain in the income statement. That figure would be recognized in the balance sheet as one line item on the asset side of the balance sheet. Similarly, if you have pension deficit, then it will be recognized under one line item in liabilities.

In the income statement, a different amount will come depending upon your service costs, net interest income, and remeasurement charges.

The pension plan can be in premium or in deficit because of the contribution from the employer. That part will not become part of the income statement.

#3

Thanks for the reply