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Chartered Accountants of Canada Accounting Standards Board / Conseil des normes comptables

Accounting Standards Board
Decision Summary
February 10, 2010

This summary of Accounting Standards Board (AcSB) decisions has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussion on projects, which may change after further deliberations by the AcSB. Decisions to publish Handbook material are final only after a formal ballot process.

For more detailed information on AcSB projects, including the decisions summarized below, please refer to the project summaries under Projects, which will be updated within the month following an AcSB meeting.

 

Employee Future Benefits

The AcSB discussed the IASB’s forthcoming Exposure Draft on Post-employment Benefits (including Pensions) to amend IAS 19 Employee Benefits, expected to be issued in the first quarter of 2010. The AcSB decided that:

  • it should issue an exposure draft reflecting the proposals, following their release by the IASB;
  • the staff should develop a response to the IASB’s Exposure Draft; and
  • it should host public roundtables in order to learn the views of stakeholders.

The AcSB also discussed the IASB’s forthcoming final amendments to IAS 19 Employee Benefits related to termination benefits, expected to be issued in the first quarter of 2010. The AcSB decided to issue an exposure draft with a 30-day comment period reflecting these amendments, which the AcSB has not previously exposed.

Extractive Activities

The AcSB discussed the IASB’s forthcoming Discussion Paper on Extractive Activities. It noted the significance of the Canadian mining and oil and gas industries and the importance of providing an informed response on the Discussion Paper to the IASB. The AcSB decided that:

  • it should host public roundtables in Calgary, Montreal, Toronto and Vancouver in order to learn the views of stakeholders on those proposals;
  • the staff should also hold other meetings with interested stakeholders, including users of financial statements;
  • the staff should hold discussions with various AcSB committees; and
  • it will consider the Discussion Paper proposals at a future meeting.

Pension Plans

The AcSB decided to expose for public comment its January 2010 tentative decision to expand the scope of the proposed new accounting standard for pension plans. This proposed expansion includes within the scope of the standard an entity that is separate from a pension plan, and whose sole purpose is to hold and invest assets received from one or more pension plans, but does not itself have a pension obligation. As part of this exposure, the AcSB will ask stakeholders whether those entities should be required to apply the accounting standard for pension plans in Part IV of the Handbook or be permitted a choice to apply Part I (IFRSs).

The AcSB expects to issue the accounting standard for pension plans (without the proposed expansion of the scope referred to above) in April 2010, and to issue the exposure draft referred to above at the same time with a 30-day comment period.