On March 21, 2014, the Financial Securities Commission of Ontario (“FSCO”) published revised1 Disclosure Expectations for Financial Statements Filed Pursuant to Regulation 909 s.76. The Guidance Note provides regulatory guidance for certain principles-based requirements set out in the CPA Handbook Section 4600 - Pension Plans, and to specify FSCO’s expectations with respect to disclosures provided in pension plan financial statements filed in Ontario.
These requirements are effective for pension plans with years ending on or after July 31, 2013. Pension plans with December 31 year ends are required to comply in their 2013 audited financial statements.
The disclosure requirements vary depending on the type of pension plan and the size of the pension plan. For many plans the disclosure requirements will be significant. The greatest impact is for defined benefit pension plans with assets in excess of $10 million at December 31, 2013.