Pension Plan Advisory Committee

Responsibilities

The responsibilities of the Committee are to:

• identify and advise the AcSB on:
• new topics that should be added to the accounting standards for pension plans; and
• existing content of the standards that should be clarified, changed, or removed,

consistent with meeting the unique needs of pension plans and the users of their financial statements;

• suggest proposed changes to the standards for consideration by the AcSB, after the AcSB agrees to add to or change the standards; and
• advise the AcSB on managing the accounting standards for pension plans (for example, research of pension plan issues, the timing of changes to standards and the process of communications with interested and affected parties).

Meetings

The Committee normally meets on an as-needed basis. Meetings are not open to the public. A summary of discussions of each Committee meeting will be made available shortly after each meeting.

Members

The Committee consists of:

• a Chair, who is appointed by the AcSB; and
• 10 to 25 members with a range of backgrounds and experience, including preparers and auditors of financial statements prepared in accordance with the accounting standards for pension plans, plan administrators, as well as individuals charged with fiduciary responsibility for pension plans.

Members are appointed for a three-year term and are eligible for reappointment. Members are expected to have an in-depth knowledge of accounting standards for pension plans and of their application in practice.