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.

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 – 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.

Exposure draft – 2023 Annual Improvements to Accounting Standards for Pension Plans

The AcSB issued an exposure draft proposing amendment to Section 4600 to provide relief from certain disclosure requirements for guaranteed annuity contracts, commonly referred to as “buy-in” annuity contracts. As buy-in annuity contracts are not measured at fair value, the AcSB is proposing to amend Section 4600.32 to scope out investments that are not measured at fair value from the requirements to provide the disclosures required by IFRS 7, Financial Instruments: Disclosures and the fair value disclosures required by the Appendix to Section 4600.

Comments are requested by June 2, 2023.

COVID-19 resources

The COVID-19 pandemic continues to significantly impact Canadian organizations. Find relevant information on financial reporting that accounts for the global pandemic and its impact on the profession.

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