AcSB Exposure Draft – 2023 Annual Improvements to Accounting Standards for Pension Plans

May 03, 2023

On May 3, 2023, the Canadian Accounting Standards Board (AcSB) issued an Exposure Draft proposing annual improvements to accounting standards for pension plans. These improvements relate to disclosures for guaranteed annuity contracts, commonly referred to as “buy-in” annuity contracts. Comments are to be submitted by June 2, 2023.

Pension plans are currently required to provide the following for investments that are financial instruments:

  • the disclosures required by IFRS 7, Financial Instruments: Disclosures, in Part I of the Handbook; and
  • the fair value disclosures required by the Appendix to Section 4600.

The AcSB is proposing to limit this requirement to only those investments that are financial instruments measured at fair value. Following the amendments to Section 4600 issued in December 2022, all investments would be measured at fair value except for buy-in annuity contracts.

Access the Exposure Draft on the FRAS Canada website.

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