At its meeting on May 13, 2020, the AcSB continued discussing feedback received on its Exposure Draft “Employee Future Benefits – Use of a Funding Valuation”. The Board discussed comments on the draft of the amendments to Section 3462, Employee Future Benefits, and the Basis for Conclusions. The Board will review the final draft of the amendments and Basis for Conclusions at an upcoming meeting in July 2020.The AcSB had originally proposed an effective date for the amendments of January 1, 2021. In light of COVID-19 developments, the Board decided to change the effective date to years beginning on or after January 1, 2022. Early adoption of these amendments will be permitted.

Review the Executive Summary on the AcSB's Web site.