Standards Interpretation—Actuarial Awareness for Auditors—Selection of the Accounting Discount Rate (under IFRS)—Update as at 31 March 2023

May-2023

Target Audience: All attest auditors

Effective date: Immediately

Prepared by: Audit Services

Description of Subject: Quarterly update of the Actuarial Awareness for Auditors—Selection of the Accounting Discount Rate (under IFRS). This update supersedes the previous quarterly update publication.

Impact on Audit Teams: This guidance is to assist audit teams with the audit of the determination by management of the accounting discount rate for a Canadian defined benefit pension plan that requires the calculation of the obligation using a discount rate that is determined by reference to high‑quality corporate bonds (or high quality debt instruments).

This guidance is only relevant for teams auditing IFRS entities that have defined benefit post‑employment benefit obligations.

Questions: Contact AEA