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Update – Revamping PSAB’s employment benefits project

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Jul 30, 2020

On July 30, 2020, the Public Sector Accounting Board (PSAB) released an article that includes the details on the new project plan and what’s next for stakeholders.

PSAB approved a revised Employment Benefits project plan at the June 26, 2020 meeting.

Under the revised approach, the new employment benefits standard will become available through multiple releases.

Release 1 will provide base accounting guidance, with later releases building on those principles to further address current and emerging issues.

PSAB staff are already preparing the Release 1 exposure draft, which will focus on deferral provisions and discount rate guidance. This exposure draft will use principles from International Public Sector Accounting Standard (IPSAS) 39, Employment Benefits, as a starting point. PSAB can modify IPSAS 39 principles to better fit the Canadian environment and provide customized guidance where needed. The adoption date of Release 1 of the standard will be determined by the Board at the time that Release 1 of the standard is approved.

Later releases will focus on providing further guidance on the topic of Non-traditional pension plans and other issues.

Review the press release on the PSAB's website.

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