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Accounting

  Accounting   |   Terms
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  • August 20, 2020
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Service Cost

In accounting, and in relation to the defined benefit obligations of an entity, service cost is the total cost an entity incurs on employee benefits. Service cost consists of:

  1.  current service cost;
  2.  past service cost; and
  3.  gains or losses that may arise on settlement.
An entity is usually required to attribute employee benefits to the current period (current service cost) and the current and prior periods (the present value of defined benefit obligations).

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