NO.PZ202206210200000104
问题如下：
How should Miller most likely respond to Browne’s question about Tucker’s anticipated pension surplus asset?选项：
A.The value of the surplus is likely overstated. B.US accounting rules do not permit a sponsor to claim a pension surplus on the balance sheet. C.There do not appear to be any problems with the value or anticipated accounting treatment of the surplus.解释：
SolutionA is correct. The pension plan is incorrectly using a discount rate based on the returns to its current asset allocation, which includes small-cap equity, private equity, and illiquid real estate investments. These returns are historically much higher than the returns to high-grade bond yields averaged over the last 25 years, which is the maximum discount rate permitted in the United States. Therefore, the value of liabilities is being calculated with a higher-than-allowed discount rate and has likely been understated. This means the value of the surplus is likely overstated.
B is incorrect. US GAAP not only permits but requires firms to report the value of the overfunded or underfunded pension plan on the balance sheet as an asset or a liability, respectively.
C is incorrect. The value of the surplus is likely overstated because the discount rate being used to calculate the value of plan liabilities is too high.
请老师，再明确一下养老金的liability和asset的折现率相关规定和知识点。从这道题看，asset的折现率最高不能超过 returns to high-grade bond yields averaged over the last 25 years。那么养老金负债的折现率呢？看题目后面说，本题用的是最近15年的资产端投资收益率。
