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.
This project will look at issues such as deferral of experience gains and losses, discount rates, how to account for shared risk plans, multi-employer defined benefit plans and vested sick leave benefits. Other improvements to existing guidance will also be considered.
A new, comprehensive Handbook Section on employment benefits will replace the two existing Sections.
In October 2019, PSAB decided to revisit the Employee Benefits project’s plan and scope. Following an extensive review, the Board approved a revised approach for the project in June 2020. The revised approach focuses on addressing the previously identified key issues using a multi-release strategy.