Transition to International Financial Reporting Standards (IFRS)
The Accounting Standards Board of Canada (AcSB) issued CICA Handbook Section 4600, Pension Plans, in April 2010 and confirmed January 1, 2011 as the date IFRS will replace Canadian GAAP for publicly accountable enterprises. Under Section 4600, pension plans will adopt IFRS for accounting policies that do not relate to investment portfolio or pension obligations. Section 4600 also clarifies the definition of financial statement surplus or deficit, and eliminates the actuarial asset value adjustment when calculating the financial statement surplus or deficit for accounting purposes.
We have performed a review of the proposed changes in Section 4600 and IFRS that could have potential applicability to OPTrust, and we do not expect any other significant changes to the financial statements.
"My job is to develop and implement sophisticated and user-friendly IT systems. We have developed applications to allow members and pensioners to register for our secure Online Services..."
Satwant Pannu
Applications Specialist
OPTrust
OPTrust
Satwant Pannu is part of a team that works behind the scenes at OPTrust to develop and deliver smart IT solutions to support both our Investment Division and our Member and Pensioner Services team.
"My job is to develop and implement sophisticated and user-friendly IT systems. We have developed applications to allow members and pensioners to register for our secure Online Services site more quickly and manage their own beneficiary information online. We have also provided our Investment Division staff with customized tools to monitor the Plan’s portfolios more efficiently. It’s great working for an organization that recognizes how technology can help us deliver for the Plan’s membership."
Satwant Pannu,
Applications Specialist,
OPTrust
OPTrust
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Satwant Pannu is part of a team that works behind the scenes at OPTrust to develop and deliver smart IT solutions to support both our Investment Division and our Member and Pensioner Services team.
"My job is to develop and implement sophisticated and user-friendly IT systems. We have developed applications to allow members and pensioners to register for our secure Online Services site more quickly and manage their own beneficiary information online. We have also provided our Investment Division staff with customized tools to monitor the Plan’s portfolios more efficiently. It’s great working for an organization that recognizes how technology can help us deliver for the Plan’s membership."
Satwant Pannu,
Applications Specialist,
OPTrust
OPTrust
