Final answer:
Both IFRS and US GAAP have separate standards for pensions and other postretirement obligations.
Step-by-step explanation:
False
Both IFRS (International Financial Reporting Standards) and US GAAP (Generally Accepted Accounting Principles) have separate standards for pensions and other postretirement obligations.
Pension plans are retirement plans that provide income to employees after they retire. They can be either defined benefit plans or defined contribution plans. Defined benefit plans promise a specific amount of benefits based on factors such as salary and years of service, while defined contribution plans specify the contributions made by employers and employees and the investment returns earned on those contributions.