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PSAB - Employment Benefits [ED]

Comment period ends November 25, 2021

Next steps:

PSAB will review the feedback it receives on its exposure draft

Last updated:

July 2021

 

Reach out to our Employee Benefits specialist

Diana De Acetis

Overview

The PSAB intends that, as a result of this project, a new, comprehensive Handbook Section on employment benefits will replace the two existing Sections (Section PS 3250, Retirement Benefits, and Section PS 3255, Post-employment Benefits, Compensated Absences and Termination Benefits).

This project will look at issues such as deferral of experience gains and losses, discount rates, how to account for shared risk plans, multi-employer defined benefit plans and vested sick leave benefits. Other improvements to existing guidance will also be considered.

On No­vem­ber 25, 2016, the PSAB is­sued ITC #1, Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255, to seek stake­holder in­put be­fore form­ing its pre­lim­i­nary views on the de­fer­ral pro­vi­sions in the em­ploy­ment ben­e­fits stan­dards.

On November 29, 2017, the PSAB issued ITC #2, Employment Benefits: Discount Rate Guidance in Section PS 3250, to seek stakeholder input before forming its preliminary views on the discount rate guidance provisions in the employment benefits standards.

On October 19, 2018, the PSAB issued ITC #3, Employment Benefits: Non-Traditional Pension Planson potential accounting guidance for non-traditional pension plans.

On July 28, 2021, the PSAB issued Exposure DraftEmployee Benefits, Proposed Section 3251, which outlines principles for the first of several phases of the revised employee benefits standard.

 

Other developments

July 2021

On July 28, 2021, the PSAB issued Exposure DraftEmployee Benefits, Proposed Section 3251, which outlines principles for the first of several phases of the revised employee benefits standard. In this first phase, the Board focused on discount rate guidance and deferral provisions. Comments are requested by November 25, 2021.

September 2020

In September 2020, the PSAB staff updated this project to note that Release 1, which will provide base accounting guidance, is currently under development.

July 2020

On July 30, 2020, the PSAB released an article that includes the details on the new project plan and what’s next for stakeholders. 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. Later releases will focus on providing further guidance on the topic of Non-traditional pension plans and other issues.

October 2018

On October 19, 2018, the PSAB issued an Invitation to Comment on potential accounting guidance for non-traditional pension plans. Comments are requested by February 1, 2019.

April 2018

In April 2018, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue a 3rd ITC in Q4/2018.

November 2017

On November 29, 2017, the PSAB issued an Invitation to Comment to seek stakeholder input before forming its preliminary views on the discount rate guidance provisions in the employment benefits standards. Stakeholders are encouraged to submit their responses by March 9, 2018.

April 2017

In April 2017, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue a second ITC in Q4/2017.

November 2016

On November 25, 2016, the PSAB issued an Invitation to Comment to seek stakeholder input before forming its preliminary views on the deferral provisions in the employment benefits standards. Stakeholders are encouraged to submit their responses by March 3, 2017.

April 2016

In April 2016, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue an ITC in Q4/2016.

December 2015

In December 2015, the PSAB staff updated this project to advise that the ITC would be issued in Q3/2016.

 

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