MFOA’s Response to Employee Benefits, Proposed Section PS 3251
PSAB's Exposure Draft on Employee Benefits, Proposed Section PS 3251 outlines the first of several phases of PSAB’s revised employee benefits standard. Proposed Section PS 3251 would replace existing sections PS 3250 and PS 3255. In general, MFOA supports the proposed standard with the view that it will improve the reporting of potential liabilities and risks, keeping in mind that understandability of such disclosure is paramount. However, we are concerned with the potential resource requirements on municipal staff, as well as the context of the proposed standard in Ontario where most municipalities are members of OMERS.