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Changes to Canadian Employee Future Benefit Accounting Standard Cancelled
On July 31, 2007, the Canadian Accounting Standards Board announced that it would not proceed with changes to Section 3461 of the Canadian Institute of Chartered Accountants’ Handbook as it had proposed in a March 29, 2007 Exposure Draft. This will offer a three-year reprieve to defined benefit plan sponsors, who until this decision, would have had to comply with a dramatically different presentation of their pension and other employee future benefit plan obligations at their upcoming year-ends.
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