ISCA Issues Audit Bulletins (AB) 6 Key Revisions To Group Audits – SSA 600 (Revised)
ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes to SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and provide guidance to address implementation challenges, including applying the new risk-based approach in planning and performing a group audit engagement.
IAASB Releases 2022-2023 Public Report: Balancing Effectiveness And Timeliness In Audit And Assurance Standard Setting
The report offers a comprehensive overview of IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements.
IAASB Publishes New ISA For LCE Adoption Guide
The adoption guide is designed to help jurisdictions adopt the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges.
IFAC Releases Third Instalment In Implementation Support Series For Small Firms On IAASB’s Quality Management Standards
Instalment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management. The instalment includes multiple documentation aids covering annual monitoring and evaluation of the system of quality management, cyclical inspection of completed audits and other engagements, and a monitoring and remediation report to assist practitioners. It also continues the case study introduced in the previous instalments.
IAASB Unveils New Technology Position To Shape The Future Of Audit And Assurance Standards
IAASB announced the adoption of a new Technology Position that will guide how IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.
IESBA Q&A Update: Clarifying PIE Definition For Global Compliance
IESBA has released an update to its Questions and Answers (Q&As) publication on the revisions to the definitions of listed entity and PIE in the IESBA Code of Ethics.
This update includes a new Q&A 16 to address the scenario where a jurisdiction has no PIE definition or excluded one or more of the mandatory categories in the IESBA PIE definition. In addition, Q&A 20 has been updated to state that the auditor’s report is an appropriate disclosure mechanism for firms to comply with the transparency requirement set out in the IESBA Code.
September 2024 IASB Update And Podcast Available
In this IASB Update and podcast, the topics discussed include Power Purchase Agreements, Statement of Cash Flows and Related Matters, and Amortised Cost Measurement.
September 2024 IFRIC Update Available
This Update is a summary of discussions by the IFRS Interpretations Committee (IFRIC). The topics for September 2024 include IFRIC’s tentative agenda decisions on Guarantees Issued on Obligations of Other Entities, Recognition of Revenue from Tuition Fees (IFRS 15), Post-Implementation Review of IFRS 16 and changes to Agenda Decisions due to IFRS 18.
September 2024 IFRS For SMEs Accounting Standard Update Available
This Update includes an update on IASB’s redeliberations of proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard (2022 Exposure Draft), an update on the Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard (Addendum Exposure Draft) and an overview of the revised Section 2 Concepts and Pervasive Principles in the Third edition of the IFRS for SMEs Accounting Standard (Standard).
IASB Launches Review Of The Statement Of Cash Flows
The research project is intended to review and improve the requirements for the statement of cash flows and related matters in IFRS Accounting Standards. It comes in response to feedback during IASB’s Third Agenda Consultation where investors, companies and others identified this project as a high priority.
IASB Completes Post-Implementation Review Of IFRS 15
IASB has completed its post-implementation review of IFRS 15 Revenue from Contracts with Customers, and concluded that the standard is working as intended, and providing users with more useful information about a company’s revenue.
September 2024 IFRS Taxonomy Consultative Group (ITCG) Agenda And Meeting Papers Available
At the ITCG meeting on 30 September and 1 October 2024, the topics discussed include feedback on the current usage of and proposed changes for the IFRS Taxonomy Formula Linkbase, proposed updates to the IFRS Taxonomy Preparer’s guide, IFRS Accounting Taxonomy and SASB Standards Taxonomy.
ISCA Publishes Illustrative Sustainability Report
ISCA has released the Illustrative Sustainability Report: Based on the GRI Standards and IFRS Sustainability Disclosure Standards which illustrates how an entity might apply the IFRS S1 and IFRS S2 requirements concurrently with the GRI Standards. The document was developed with the support of Singapore Exchange Regulation and ISCA’s Sustainability and Climate Change Committee in support of the Singapore Green Plan 2030.
September 2024 ISSB Update And Podcast Available
In this ISSB Update and podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in September 2024, including the key takeaways from the ISSB webinar on industry-based disclosures and an update on adoption progress.
IFRS Foundation Publishes Guide For Companies As Investors Call For Voluntary Application Of ISSB Standards
The guide was published in response to investors demanding voluntary application of the ISSB standards in the absence of regulatory requirements. The guide is designed to help entities clearly communicate their progress as they begin to apply IFRS S1 and IFRS S2.
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