Deloitte
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Chapter 2 — Liabilities

2.1 Employee Benefits

2.1 Employee Benefits

The accounting for defined contribution and defined benefit plans is very similar under IFRS Accounting Standards and U.S. GAAP. For defined contribution plans, the cost recognized is the contribution due from the employer, and for defined benefit plans, the defined benefit obligation is the present value of benefits accrued for service. Outlined in the table below are the key differences between the two frameworks.