Pension plans and benefit plans that have characteristics like pension plans and provide benefits other than pensions, apply the accounting standards for pension plans in Part IV of the CPA Canada Handbook – Accounting.
These entities are publicly accountable enterprises, but they are required to apply a separate set of Canadian standards rather than IFRS® Standards.
This was determined by the AcSB, as the Board concluded that IAS 26 Accounting and Reporting by Retirement Benefit Plans did not provide adequate guidance for such entities.
The AcSB intends to maintain Part IV until the International Accounting Standards Board replaces IAS 26. Section 4600, Pension Plans, in Part IV of the Handbook refers to either IFRS Standards in Part I of the Handbook, or accounting standards for private enterprises in Part II of the Handbook.
As a result, pension plans should monitor activities related to the standards in Part I or Part II, since amendments made to those standards may affect them.