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Public Sector Accounting Standards

Employee Benefits

Summary

Please note: This project was renamed Employee Benefits in Spring 2021 to align with the title of the Phase 1 Exposure Draft.

Identified as the top priority in PSAB’s 2014 Project Priority Survey, the Board has approved a project to review Section PS 3250, Retirement Benefits, and Section PS 3255, Post-employment Benefits, Compensated Absences and Termination Benefits. Since the issuance of these Sections decades ago, new types of pension plans have been introduced and there have been changes in the related accounting concepts.

Staff Contact(s)

Riley Turnbull, CPA, CA Principal, Public Sector Accounting Board

Iman Sheikh, CPA, CA Principal, Public Sector Accounting Board

Project Status

  • Information gathering

    Initial information gathering completed prior to December 2014

    Project revisited in December 2019

  • Approving project

    Project approved December 2014

    Revised project plan approved June 2020

  • Consulting stakeholders

    Invitation to Comment – Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255 issued in November 2016

    Invitation to Comment – Employment Benefits: Discount Rate Guidance in Section PS 3250 issued in November 2017

    Invitation to Comment – Employment Benefits: Non-traditional Pension Plans issued in October 2018

    PSAB approved the exposure draft “Employee Benefits, Proposed Section PS 3251” and the accompanying Basis for Conclusions at its March 25, 2021 meeting. It was issued on July 28, 2021 with a comment deadline of November 25, 2021

  • Deliberating feedback

    PSAB is currently deliberating feedback received on the Employee Benefits Exposure Draft

  • Final pronouncement

News


September 27, 2021 Webinar
Webinar – PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251”

Learn more about key proposals in PSAB’s Exposure Draft “Employee Benefits, Proposed Section PS 3251,” by watching our on-demand webinar in English or French. Comments for the Exposure Draft are due November 25, 2021.

July 28, 2021 Document for Comment
Exposure Draft – Employee Benefits, Proposed Section 3251

PSAB issued Exposure Draft – “Employee Benefits, Proposed Section 3251,” which outlines principles for the first of several phases of the revised employee benefits standard. In this first phase, the Board focused on discount rate guidance and deferral provisions. 

We want your feedback to our Exposure Draft – respond by November 25, 2021!

July 28, 2021 Resource, In Brief
In Brief – Exposure Draft, “Employee Benefits, Proposed Section PS 3251”

Read PSAB’s plain and simple overview of our Exposure Draft, “Employee Benefits, Proposed Section PS 3251.” The first phase of this multi-phase standard focuses on discount rate guidance and deferral provisions. Learn more about our key proposals and submit your comments on the Exposure Draft by November 25, 2021! 

Meeting & event summaries


October 20, 2022 PSAB Decision Summary – September 28-29, 2022

Employee Benefits

PSAB provided further feedback on the analysis of the responses to the July 2021 Exposure Draft, “Employee Benefits, Proposed Section 3251.” The Board provided its feedback on other topics of the project’s first phase, including:

  • recognition and presentation of remeasurement gains and losses and the scope;
  • definitions; and
  • terminology in the proposed standard.

The Board plans to continue its discussion of the Exposure Draft and timelines for the project at its December meeting.

June 28, 2022 PSAB Decision Summary – June 28-29, 2022

PSAB provided feedback on the analysis of the responses to the July 2021 Exposure Draft. “Employee Benefits, Proposed Section 3251.”  Board feedback was provided on the key topics of the project’s first phase: discount rate guidance and deferral provisions. The Board plans to discuss other topics in the Exposure draft at its September meeting.

April 7, 2021 PSAB Decision Summary – March 25, 2021

After extensive deliberation, PSAB approved the Exposure Draft, “Employee Benefits, Proposed Section PS 3251,” and the accompanying Basis for Conclusions, which sets out the Board’s reasoning for the proposals. The Board expects to issue the document in July 2021, with comments due in November 2021.

This Exposure Draft outlines the proposed principles for the first of several phases of PSAB’s revised employee benefits standard. The proposed Section will replace existing Sections PS 3250 and PS 3255.

All stakeholders are encouraged to provide feedback on these proposals once they are issued in July. Staff will conduct extensive outreach, including on Connect.FRASCanada.ca, the new online community platform that makes providing feedback easier.

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 ballot process.