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Accounting Standards for Pension Plans

Evaluating the Preface

Summary

As part of the AcSB’s 2022-2027 Strategic Plan, the AcSB committed to evaluating the CPA Canada Handbook – Accounting’s Preface to assess whether the applicability of each framework to each reporting entity category meets current needs.

The AcSB will work to identify the types of entities that are directed by the Preface to apply an accounting framework and explore if their financial reporting needs are adequately met. If not, the Board will also explore alternative options and consider if changes to the Preface are needed.

Note: Follow the AcSB’s project, Scaling the Standards, which is linked to Evaluating the Preface. Both projects are focused on ensuring the diverse landscape of Canadian entities – both reporting and non-reporting – as well as financial statement users are best served by the Preface and current standard-setting frameworks.

Staff Contact(s)

Jamie Goodman, CPA, CA Principal, Accounting Standards Board

Phone number  +1 416 204 3294
Email address  [email protected]
Matthew Bishop, CPA, CA Principal, Accounting Standards Board

Phone number  +1 647 264 7070
Email address  [email protected]

Project Status

  • Information gathering

    AcSB is researching issues with the current Preface of the CPA Canada Handbook – Accounting to identify potential solutions

    Consultation Paper
  • Approving project
  • Engaging Communities
  • Deliberating feedback
  • Final pronouncement

Meeting & event summaries

November 20, 2024

Pension Plan Advisory Committee Notes – October 28, 2024

The Committee discussed the AcSB’s strategic initiative to evaluate the Preface to the Handbook and whether the Preface is directing small health and wellness funds to the most suitable framework to meet their reporting needs.

The Committee advised that for small health and wellness funds that are acting as intermediaries and not holding assets in a fiduciary capacity, further research may be needed to assess whether Part IV of the Handbook is meeting the financial reporting needs. The Committee advised that this may not be limited to small health and wellness funds and therefore any research should be broader to include other types of plans as well.

The AcSB will consider the Committee’s feedback at its meeting in February 2025.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.