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ARTICLE · 02 MARCH 2011

IFRS and Your Pension Plan

Borden Ladner Gervais LLP
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Effective January 1, 2011, the Canadian Generally Accepted Accounting Principles (GAAP) were replaced by the International Financial Reporting Standards (IFRS) for the financial reporting of certain entities in respect of financial years commencing on or after January 1, 2011.

CanadaEmployment and HR
Sonia Mak
Sonia Mak
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Effective January 1, 2011, the Canadian Generally Accepted Accounting Principles (GAAP) were replaced by the International Financial Reporting Standards (IFRS) for the financial reporting of certain entities in respect of financial years commencing on or after January 1, 2011. Other entities, which are not required to adopt IFRS, may elect to do so for their financial reporting.

The adoption of IFRS may have an impact on the financial reporting or the valuation of assets in respect of your pension plans.

Proper financial reporting regarding pension plan assets may require the joint efforts of, and coordination between, your accountant, the plan actuary and a pension lawyer. For example, paragraph 58 of IAS 19 and IFRIC 14 deal with the measurement of a defined benefit asset, which is the value of economic benefits available in the form of a refund of surplus or a reduction in future contributions (i.e., contribution holiday). Such measurement requires legal

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