The following discusses the recent CICA Accounting Standards Board decision for pension plans to continue using Section 4100, Pension Plans, after the changeover to IFRS.
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AcSB on accounting by pension plans after the changeover to IFRS | At their February 28, 2008 meeting, the AcSB decided that on adoption of IFRS for publicly accountable enterprises, GAAP financial statements for pension plans should continue to be prepared in accordance with Section 4100, Pension Plans, rather than IAS 26, Accounting and Reporting by Retirement Benefit Plans. To the extent that aspects of financial reporting by pension plans are not addressed by Section 4100, plans currently refer to other primary sources of Canadian GAAP. After the changeover to IFRS, plans will refer instead to IFRS other than IAS 26 for such additional guidance. The AcSB will encourage the IASB to undertake a project to update and improve IAS 26, with a view to eventually replacing Section 4100 with an improved version of IAS 26.
The AcSB noted that the ability to use Section 4100 does not extend to an entity that holds or manages the assets of a pension fund, but is not itself a pension plan.
This decision will be exposed for public comment in the forthcoming omnibus exposure draft of IFRS which is expected to be issued in late March. |
| AcSB Decision Summary | The AcSB Decision Summary is available at the following link:
http://www.acsbcanada.org/4/3/7/5/9/index1.shtml |
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