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Normandin Beaudry

Pension Plans – Audited Financial Statements

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There, in black and white

NB Bulletin Vol. 15 N. 2, January 2012

As a result of the various changes made to the CICA Handbook – Accounting and to Canadian auditing standards in 2010, several issues were raised during the preparation of audited financial statements for fiscal 2010.

In December 2011, the Régie des rentes du Québec and the Ordre des comptables agréés du Québec published notices concerning the preparation of audited financial statements for fiscal 2011 and subsequent fiscal years. Pension committees will now have two options when it comes to preparing audited financial statements.

First option

The first option allows pension committees to have financial statements for pension plans prepared in accordance with the accounting standards for pension plans outlined in Part IV of the CICA Handbook – Accounting.

In this case, elements related to pension obligations must be presented.

Second option

The second option allows pension committees to have financial statements for pension plans prepared in accordance with the accounting standards for pension plans outlined in Part IV of the CICA Handbook – Accounting, but without including elements related to pension obligations.

In this case, the financial statements must be called Plan’s Financial Statements (1) and the notes must include the following statement: “These financial statements were prepared in accordance with the financial reporting framework for audited financial statements referred to in the Guide: Annual Information Return 2011, published by the Régie des rentes du Québec.(1)

To allow pension committees to provide financial statements to the users set out in the Supplemental Pension Plans Act, it is suggested that no dissemination restrictions be imposed by the auditor.

Questions or trouble preparing your financial statements? Our consultants would be happy to help.


(1) Freely translated from the French notice published by the Régie des rentes du Québec in December, as the English version of the notice will be available at the end of January.
 

 

Please feel free to contact us for additional information.

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