December 2017

Public Sector Accounting Board’s employment benefits project: Normandin Beaudry is still involved

A few weeks ago, the Public Sector Accounting Board (PSAB) published an Invitation to Comment on the discount rate provisions for employment benefits, included in Sections PS 3250 and PS 3255. This publication will be of particular interest to those who prepare financial statements in the public sector.

The Invitation to Comment will allow the PSAB to:

  • obtain comments from various market participants on discount rate provisions; and
  • identify potential alternatives and related considerations to examine before taking a position and publishing a new proposed Section on employment benefits 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 in formulating their own comments, through the participation of our consultants on committees. Normandin Beaudry is also involved in the PSAB project through the membership of one of our partners (Josée Patry) on the advisory group, which supports the project’s task force. You can access the PSAB Invitation to Comment and the In Brief bulletin for more information and to answer the Invitation to Comment, should you have any comments to submit. Webinars on January 16 and 17 will also allow you to learn more about the project.

In 2016, the PSAB launched its project to review Sections PS 3250 and PS 3255 and eventually publish a new Section on employment benefits. The Invitation to Comment is part of Phase I of the project, which also addresses the deferral provisions (for which an Invitation to Comment was published in November 2016). 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.