ACE has a defined benefit pension plan. ACE is preparing the December 31, 2014 financial statement disclosures related to the plan assets. It should disclose which of the following?

Question

Quizplus · Accepted Answer

I) The fair value hierarchy used to measure plan assets: This is required under the disclosure requirements for defined benefit plans under ASC 820-10-50-2. 
II) The actual return on plan assets and the assumption used to determine the expected return: This is required under the disclosure requirements for defined benefit plans under ASC 715-20-50-2.

ACE Has a Defined Benefit Pension Plan