At its meeting on May 14, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed whether they anticipate significant changes in practice as a result of the amendments. Group members did not expect a drastic change in the way information is reported because entities have adopted a balanced approach in the use of aggregation and subtotals. Preparers are encouraged to apply professional judgment in deciding what information is needed and how best to present or disclose it in the financial statements. As a result, it is important for a preparer to consider the structure of the note disclosures to identify redundant information, along with considering what is relevant or material to improve the understandability of financial statements for users. The Group’s discussion raises awareness about this item. No further action was recommended to the AcSB.

Review the IFRS Discussion Group on the AcSB's Web site.

At its meeting on May 14, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed which of the following approaches are consistent with the discount rate requirements in IAS 19: (i) traditional approach; (ii) split discount rate approach; (iii) yield-curve approach; and (iv) mixed approach. The focus of the discussion was to first determine whether an approach other than applying a single weighted average discount rate is permissible under IAS 19. Group members noted that IAS 19 does not appear to preclude the use of alternative approaches. Group members emphasized it is important to look at the underlying details of any model given the potential terminology differences to understand if the calculations are aligned with the requirements in IAS 19 and if the model is being applied consistently from period to period. Given the various channels of work on pensions, the Group recommended not raising this issue to the IASB or the IFRS Interpretations Committee at this time but monitoring the issue for future developments.

Review the IFRS Discussion Group on the AcSB's Web site.

At its meeting on May 14, 2015, the AcSB’s IFRS Discussion Group (IDG) discussed the transition methods of IFRS 15. Group members observed that the IASB/FASB Joint Transition Resource Group for Revenue Recognition has discussed several practical application challenges associated with this new revenue standard. These issues are being brought forward and deliberated by the IASB and FASB. As a result, it is expected that proposed amendments will be issued in the near future. One amendment could be including a transition practical expedient that would permit the application of hindsight in accounting for contract modifications. At this point, no further action is recommended to the AcSB but the Group will continue to monitor for future application issues.

Review the IFRS Discussion Group on the AcSB's Web site.