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Handbook Update – Section 3462, Employee Future Benefits

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Nov 11, 2020

On November 11, 2020, the Accounting Standards Board (AcSB) announced that Section 3462, "Employee Future Benefits", was amended on November 2, 2020 to clarify the measurement of the defined benefit obligation for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation.

The amendments also remove the accommodation to allow the use of a funding valuation for defined benefit plans without a funding valuation requirement. The amendments are effective for annual financial statements relating to fiscal years beginning on or after January 1, 2022.

Review the amendments on the CPA Canada's website.

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