New accounting standard for "employee future benefits" in Canada

Article Abstract:

A new accounting standard, Canadian Institute of Chartered Accountants (CICA) 3461, has been implemented in Canada. CICA 3461 will replace all existing benefit accounting standards in the country, including CICA 3460, to reconcile Canada's standards with international accounting standards and those of the US. Under 3461, employers will be required to reflect non-pension retirement benefits on their balance sheet and to expense them based on the employee's working life. Other implications of the new standard on pension and benefits accounting are presented.

Accounting Methods, Social aspects, Canada, Canadian Institute of Chartered Accountants

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IAS 19 Accounting for Employee Benefits- the January 1998 revision

Article Abstract:

The International Accounting Standards Committee published a revised edition of the 1993 Retirement Benefit Cost handbook, as members intensify efforts to come up with international financial reporting standards. Under the enhanced version, actuarial methods are carried out in projected unit credits and market-related best estimates, while discount rates come in the form of high-quality corporate bonds. The new standards further regard plan assets in terms of market (fair) value.

Reporting & Disclosure, International Accounting Standards Board, Corporation reports, Company reports

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