TECHNICAL HIGHLIGHTS

AUDITING AND ASSURANCE

ISCA Comments On IAASB’s Exposure Draft: Proposed ISRE 2410 (Revised)

ISCA has submitted its response to IAASB’s Exposure Draft (ED): Proposed ISRE 2410 (Revised) on reviews of interim financial information.

While supportive of the proposed Standard overall, ISCA raised concerns that certain proposals could blur the distinction between an interim review and a financial statement audit. In particular, requiring an explicit going concern statement in every interim review report could widen the expectation gap by implying a higher level of assurance than intended in a limited assurance engagement.

ISCA also recommended clearer guidance on the extent of review procedures, practical considerations for first-time engagements, and educational materials to help users better understand what an interim review does, and does not, provide.

IAASB Announces Additional Ways To Engage On Audit Evidence And Risk Response Proposals

IAASB has announced additional opportunities for stakeholders to provide input on proposed revisions to ISA 330, ISA 500, and ISA 520. The initiative includes a targeted User Consultation Survey for financial statement users and a two-part global webinar series to discuss the proposals and answer stakeholder questions.

Comments can also be submitted to ISCA Professional Standards by 9 October 2026.

FINANCIAL REPORTING

ISCA Issues FRG 6 RAP 7 To SFRS(I) Implementation Roadmap

FRG 6 was developed in close consultation with MAS and through ISCA’s RAP 7-SFRS(I) Transition Working Group. It seeks to support Authorised Schemes in transitioning from RAP 7 to SFRS(I) following MAS’ amendments to the Code on Collective Investment Schemes which requires Authorised Schemes to:

• prepare financial statements and reports in accordance with SFRS(I); and
• include in their annual and half-yearly financial statements the additional disclosures previously required by RAP 7.

The amendments are effective for financial years ending on or after 31 December 2028. Correspondingly, ISCA will withdraw RAP 7 for financial periods beginning on or after 1 January 2028.

IFRS For SMEs Accounting Standard Educational Module 29 – Income Tax Published

The IFRS Foundation has published the educational module to provide an educational overview of the requirements in Section 29 Income Tax, with explanatory notes and practical examples to help users understand and apply the requirements.

New Podcast On IFRS for SMEs Accounting Standard

In this episode, IASB technical staff member Helen Lloyd and director Michelle Sansom discuss IASB’s proposed targeted amendment to the third edition of the IFRS for SMEs Accounting Standard, including why it is being proposed before the Standard’s effective date and how stakeholders can provide feedback.

September 2026 IFRIC Agenda And Meeting Papers Available

At the IFRIC meeting on 15 and 16 September 2026, the topics discussed include:

• draft tentative agenda decisions on: (i) assessing whether an asset generates returns individually and largely independently of an entity’s other resources under IFRS 18; (ii) considering whether residual value estimates for property, plant and equipment under IAS 16 should reflect expectations of future developments; and (iii) accounting for differences between the fair value and sale consideration of FVOCI equity investments under IFRS 9;
• finalisation of a tentative agenda decision on whether an entity reassesses control of an investee under paragraph 8 of IFRS 10 when the investee’s governing document is amended.

SUSTAINABILITY & CLIMATE CHANGE

EFRAG Launches Public Consultation On ED Of European Sustainability Reporting Standards For Certain Non-EU Undertakings

EFRAG has launched a public consultation on the ED of the European Sustainability Reporting Standards for certain non-EU undertakings (ESRS-40a ED). It invites interested stakeholders from both within and outside the European Union to provide feedback on the proposed Standards before 31 October 2026. Feedback will help inform the finalisation of EFRAG’s technical advice to the European Commission under Article 40a of the Accounting Directive.