The AcSB has adopted an annual improvements process that will amend accounting standards for pension plans to clarify guidance and correct wording for unintended consequences, conflicts, or oversights. Major improvements to the standards, such as the issuance of a new standard, are not included in the annual improvements process.
In December 2022, the AcSB amended Section 4600, Pension Plans to introduce new measurement and disclosure guidance for guaranteed annuity contracts, commonly referred to as “buy-in” annuity contracts. Through its annual improvements process, the AcSB is exploring providing relief from certain existing disclosure requirements that may become less relevant as a result of the new guidance. This would affect pension plans applying the standards in Part IV of the CPA Canada Handbook – Accounting, as relevant.