Financial Reporting
Stay informed of changes to financial reporting and accounting standards for IFRS, ASPE, ASNPO, PSAS and Pension Plans. These pages include relevant webinars, training courses and guidance and resources from standard-setting boards.
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Page last updated on 11/02/23
Financial Reporting Alert: Amendments to Section 4600, Pension Plans (CPA Canada, 2023)
Accounting Standards for Pension Plans
Stay informed of new standards and recent changes to Accounting Standards for Pension Plans together with exposure drafts. Please also see the webinars, training courses and resources from the relevant standard-setting boards under the Resources tab for each item.
Revised Standard – 2023 Annual Improvements to Accounting Standards for Pension Plans
The AcSB revised Section 4600, Pension Plans to provide relief from disclosure requirements under paragraph 4600.32 for annuity contracts, commonly referred to as “buy-in” annuity contracts as these investments are not measured at fair value. The pension plan is only required to disclose the nature of these investments and the pension obligation amount that these investments offset.
Effective for annual reporting periods beginning on or after January 1, 2024, with early application permitted.
Revised Standard – Pension Plans
The AcSB Section 4600 to address the following:
- clarify that a statement of changes in pension obligations for defined contribution pension plans is not required
- provide guidance on determining the split or amalgamation for pension plans
- include guidance on the accounting for guaranteed annuity contracts (commonly known as “buy-ins” and “buy-out” annuity contracts
- clarify the presentation requirements for combination plans
- require additional risk disclosures for investments in master trusts
The amendments clarify areas of ambiguity in the standard and introduce new guidance in areas where no guidance currently exists.
Effective for annual reporting periods beginning on or after January 1, 2024, with early application permitted.
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