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ASPE alert: Amendments to Section 3462, Employee future benefits

Learn about the November 2020 amendments to Section 3462, Employee Future Benefits, under accounting standards for private enterprises (ASPE) in Part II of the CPA Canada Handbook – Accounting.

In November 2020, the Accounting Standards Board (AcSB) issued amendments to Section 3462, Employee Future Benefits, in Part II of the Handbook. This section has been amended to:

  • clarify the measurement of a defined benefit obligation for plans with a legislative, regulatory or contractual requirement to prepare a funding valuation
  • remove the accommodation to allow for the use of a funding valuation for defined benefit plans without a funding valuation requirement

Our alert highlights key changes resulting from the amendments and considers some possible assurance implications.