ISCA Issues SSA 570 (Revised 2024), SSA 240 (Revised)And Amendments To Standards Following Revisions To Definitions Of Listed Entity And Public Interest Entity In Ethics Code
ISCA has issued SSA 570 (Revised 2024) Going Concern and SSA 240 (Revised) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, to strengthen auditors’ responsibilities in two critical areas of public interest.
The revised standards respond to heightened stakeholder expectations following global corporate failures and high-profile fraud cases. They aim to enhance audit quality, strengthen confidence in financial reporting and provide users of financial statements with more decision-useful information.
Key revisions include enhanced requirements for auditors’ evaluation of going concern, clearer communication in the auditor’s report, stronger application of professional scepticism, and a more focused “fraud lens” when identifying and responding to fraud risks.
Amendments to SSQMs, SSAs and SSRE 2400 (Revised) were also issued following revisions to the definitions of listed entity and public interest entity in the ACRA Code.
The revised standards and amendments to the standards are effective for audits of financial statements for periods beginning on or after 15 December 2026.
Read the revised standards and amendments to the standards to understand the changes and their implications for audit practice.
ISCA Invites Comments On IAASB’s Exposure Drafts To Core Standards To Enhance Risk-Based Audit Framework And Address Technological Advances
IAASB released for public consultation proposed revisions to three International Standards on Auditing (ISAs): ISA 330 The Auditor’s Responses to Assessed Risks; ISA 500 Audit Evidence; and ISA 520 Analytical Procedures.
Proposed revisions to the three core ISAs address audit evidence and auditors’ responses to assessed risks, which are foundational aspects of every audit. The proposals further embed a principles-based, risk-based audit framework while supporting rapid digital innovation in an evolving business, financial reporting, and technology environment.
ISCA invites comments to be submitted to ISCA Professional Standards by 9 October 2026.
IAASB Proposes Targeted Revisions To ISA For Audits Of Less Complex Entities (ISA For LCE)
Key proposed revisions update ISA for LCE to address significant developments related to fraud and going concern, while ensuring the requirements remain appropriately tailored to audits of less complex entities. Comments are due by 17 November 2026.
New IESBA Staff Publication Highlights Ethical Considerations For Accountants Using Emerging Technologies
This publication provides timely thought leadership by offering an overview of the ethical implications of emerging technologies commonly used across the accountancy profession. They include artificial intelligence (AI), distributed ledger technologies, machine learning, quantum computing, and robotic process automation. Rather than focusing only on individual technologies, the guidance takes a durable, characteristic-based approach designed to remain relevant as technologies continue to evolve.
Episode 7 Of IESBA Decoding Ethics Podcast
In Episode 7 of Decoding Ethics, host Jeanne Viljoen is joined by Caroline McGroary, member of Chartered Accountants Ireland and Fulbright Scholar in Cybersecurity Risk Management, to explore how organisations can build trust and resilience in a world reshaped by AI and cybersecurity risk.
ASC Issues Amendments To SFRS(I) 1-28 And Amendments To FRS 28
The amendments provide greater clarity on when the fair value option can be elected for investments in associates and joint ventures. The amendments are effective upon first application of SFRS(I) 18 and FRS 118 respectively.
Q2 2026 IFRIC Podcast Available
In this podcast, Committee Chair Bruce Mackenzie and Committee Member Claire Dusser discuss two tentative agenda decisions relating to IFRS 18, namely, Management-defined Performance Measures: Hypothetical Income and Expenses and Assessment of Specified Main Business Activities for a Manufacturer-Lessor.
July 2026 IASB Agenda And Meeting Papers Available
At the IASB meeting on 21 and 22 July 2026, IASB discussed the Post-implementation Review of IFRS 16, Equity Method project, and several ongoing projects including Intangible Assets, Statement of Cash Flows and Related Matters and Post-implementation Review of IFRS 9 Hedge Accounting.
New Webcast And Educational Module For IFRS For SMEs Accounting Standard
The IFRS Foundation has published a new webcast on the transition requirements to the IFRS for SMEs Accounting Standard, along with a new educational module on the accounting and reporting requirements for SMEs engaged in agriculture, extractive activities and service concession arrangements.
IASB Proposes Updates To IFRS Accounting Taxonomy 2025
IASB has proposed updates to IFRS Accounting Taxonomy 2025 to support digital financial reporting of information prepared in accordance with new and amended IFRS Accounting Standards. They include IFRS 20 Regulatory Assets and Regulatory Liabilities, the amended IAS 21 The Effects of Changes in Foreign Exchange Rates, and the amended IFRS 19 Subsidiaries without Public Accountability. Stakeholders involved in digital financial reporting are invited to provide feedback on the proposed updates by 14 September 2026.
IASB Concludes Decision On IFRS 16 And Targeted Amendments To IFRS 18
IASB has completed its Post-implementation Review of IFRS 16 and concluded that the standard is working as intended. Stakeholders have indicated that IFRS 16 has improved the transparency and comparability of lease-related information. IASB will also consider targeted amendments to address concerns about the ongoing costs of applying certain requirements; these include lease liability remeasurements, discount rates and accounting for rent concessions.
Separately, IASB has agreed to propose amendments to IFRS 18 requiring tax charges that are direct substitutes for income tax to be classified within the income taxes category of profit or loss.
The IFRS 16 Project Summary and Feedback Statement, and IFRS 18 Exposure Draft are expected to be published in Q4 2026.
July 2026 IASB Update And Podcast Available
In the IASB Update and Podcast, IASB Vice-Chair Linda Mezon-Hutter and IASB Member Zach Gast share key discussion matters from the July 2026 IASB meeting. They include:
ISCA Invites Comments On ACRA’s Draft Singapore Sustainability Disclosure Standards
ISCA seeks comments on ACRA’s draft Singapore Sustainability Disclosure Standards. These standards set out the information companies would be required to disclose on how they manage climate-related risks and opportunities.
The draft Singapore Sustainability Disclosure Standards are based on the ISSB Standards and similarly comprise two standards:
ISCA requests all comments to be submitted to ISCA Professional Standards by 4 September 2026.
Alongside the public consultation, ACRA has launched the Sustainability Assurance Body of Knowledge (SA BOK), to support the development of sustainability assurance capabilities.
July 2026 ISSB Update And Podcast Available
In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd share on topics discussed at the ISSB meeting in July 2026, which included the use of both ISSB Standards and European Sustainability Reporting Standards (ESRS), likely benefits of ISSB's forthcoming nature-related disclosure proposals and ISSB’s permission to ballot, and the next phase of enhancements to SASB Standards.
ISSB Proposes Updates To Its Digital Sustainability Taxonomy
ISSB has proposed updates to IFRS Sustainability Disclosure Taxonomy to reflect the December 2025 amendments to IFRS S2 Climate-related Disclosures. The proposed changes support digital sustainability reporting without introducing new reporting requirements or affecting compliance with ISSB Standards.
