Public Sector Accounting Board project about Employment Benefits: Normandin Beaudry is involved

The Public Sector Accounting Board (PSAB) published at the end of November 2016 an Invitation to Comment about the deferral provisions for employment benefits (recognition of gains and losses and valuation of plan assets), included in Sections PS 3250 and PS­ 3255. This publication will be of particular interest to people who are preparing financial statements in the public sector.

The Invitation to Comment will allow the PSAB to obtain comments from various market participants about the deferral provisions and identify if potential alternatives and related considerations need to be considered, before taking a position and publish a new proposed Section through an exposure draft.

Normandin Beaudry will submit its own comments. We will also support some organizations working in the public and accounting standards sectors for their discussions to develop their own comments (through the participation of our consultants on committees). Normandin Beaudry is also contributing to the PSAB project through the membership of one of our partners (Josée Patry) on the advisory group, which supports the task force in charge of the project. You can access the PSAB Invitation to Comment for more information and to answer, should you have any comments to submit. Webinars presented on January 30 and 31 will also allow you to learn more about the project.

The PSAB started in 2016 its project to review Sections PS 3250 and PS 3255 and eventually publish a new Section about employment benefits. The Invitation to Comment is about a portion of Phase I of the project, which will also address the discount rate. Phase II will address other elements such as target benefit plans, multi-employer benefits plans, etc.

Please feel free to contact us for additional information.