The Government Accounting Policy and Reporting (GAPR) division of the Treasury Board of Canada Secretariat (TBS) requires an “actuary” to provide advice in the development of methodologies and assumptions for the measurement of the Government of Canada’s self-insured workers’ compensation benefits.
The methodologies and assumptions developed to measure the accrued workers’ compensation obligation and expense must be in accordance with the requirements of the Chartered Professional Accountants of Canada (CPA Canada)’s Public Sector Accounting Standards (PSAS), Sections 3250 Retirement Benefits and 3255 Post-Employment Benefits, Compensated Absences and Termination Benefits. Additionally, GAPR requires an annual actuarial report on the Government of Canada’s self-insured workers’ compensation benefits for the purpose of preparing the Government of Canada’s consolidated financial statements.
