November 2018

Normandin Beaudry remains involved in the public sector accounting board’s employment benefits project

In late October, the Public Sector Accounting Board (PSAB) issued an Invitation to Comment on the provisions to recognize non-traditional pension plans, included in Sections PS 3250 and PS 3255. Non-traditional plans are plans for which employers share different levels of risk, either with employees or other employers. 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 provisions to recognize non-traditional pension plans; 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 be commenting on the matter. 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 various 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 submit your answers, if any, by February 1, 2019. Webinars on November 16 and 22 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. This invitation is part of Phase II of the project. Phase I addressed deferral provisions (for which an Invitation to Comment was issued in November 2016) and the discount rate (for which an Invitation to Comment was issued in November 2017.

Would you like more information?
Contact your Normandin Beaudry consultant or email us

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