What is a curtailment in accounting?
A curtailment is an event that either (a) significantly reduces the expected years of future service of current employees (for example, employee terminations) or (b) eliminates the accrual of defined benefits for some or all future services of a significant number of employees (for example, a negative plan amendment).
What triggers curtailment accounting?
A curtailment occurs when future service or benefits in a pension plan are significantly reduced or eliminated, such as when a plan is frozen and no longer provides new benefits.
What is curtailment charge?
Principal curtailment of a mortgage occurs when a borrower makes an extra payment against the principal owed in order to reduce the outstanding balance. This is sometimes called a partial curtailment. A total mortgage curtailment has occurred when the balance of the loan is paid off with a lump sum ahead of schedule.
What does curtailment gain mean?
materially reducingthe expected years of future services of current employees or eliminating for a significant number of employees the accrual of defined benefits for some or all of their future services. Immediate recognition is given to the gain or loss upon curtailment.
What is meant by asset ceiling?
The asset ceiling is the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.
What are settlements and curtailments?
114 A settlement occurs together with a curtailment if a plan is terminated such that the obligation is settled and the plan ceases to exist. However, the termination of a plan is not a curtailment or settlement if the plan is replaced by a new plan that offers benefits that are, in substance, identical.
Can pension expenses negative?
Pension expense is the change in net pension liability from the previous reporting period to the current reporting period less adjustments. This may be a negative expense (pension income), which should be reported as a credit in pension expense.
How do you use curtailment in a sentence?
1. I felt frustrated at its curtailment. 3. There was some curtailment of prisoners’ activities, a reduction in the number of outside working parties and of educational classes.
What is complete autonomy?
1 : the quality or state of being self-governing especially : the right of self-government The territory was granted autonomy. 2 : self-directing freedom and especially moral independence personal autonomy.
What is curtailment reinforcement?
Curtailment is a theoretical point where some of the reinforcement is cut off along the span of the beam where the bending moment reduces, given that the remaining reinforcement will be able to support the reduced bending moment. The steel is adjusted with respect to changes in bending moment over a section.
What is meant by diminution?
Definition of diminution
: the act, process, or an instance of becoming gradually less (as in size or importance) : the act, process, or an instance of diminishing : decrease a diminution in value.
What is diminution in size?
A diminution is a decrease of size, time, or esteem.
How do you say the word diminution?
- Phonetic spelling of diminution. dim-uh-noo-shuh n. diminu-tion. …
- Meanings for diminution. the act of decreasing or reducing something. …
- Examples of in a sentence. These showed no increase at all; on the contrary the totals of crimes showed a diminution and the arrests an increase. …
- Translations of diminution. Arabic : انخفاض
What does diminution mean in law?
Diminution in value is a method of calculating damages owed to a harmed party after another party breaches a contract. The damages are calculated by subtracting the market value of the object of the contract as performed from the value of the contract as promised.
What is diminution in accounting?
A fall in the value of an asset that is unlikely to be reversed.
What is diminution in market value?
If your car has been damaged in an accident, the evidence of repairs can negatively affect its value should you later decide to sell or refinance it, notwithstanding the general depreciation of the car. This reduction in value is also known as diminished value.