International Financial Reporting Standards

Publication type
Frequently asked questions
Defined benefit plans
Defined contribution plans
  1. Are pension plans required to follow International Financial Reporting Standards?

    The Accounting Standards Board (AcSB) adopted International Financial Reporting Standards for Canadian publicly accountable enterprises. Although pension plans are considered to be publicly accountable enterprises, the AcSB has not adopted IFRS for these entities. This means that the IFRS does not apply to pension plans and that section 4600 of the Canadian Professional Accountants Canada Handbook continues to be the primary standard for pension plans when preparing financial statements and auditor's reports.

    OSFI expects pension plans to file the Certified Financial Statements OSFI-60 form, and the accompanying auditor's report, in accordance with the existing Guide to Completing the OSFI 60 - Certified Financial Statements and Filing Auditor's Reports.