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Technical Highlights

IAASB Issues International Standard On Auditing For Audits Of Financial Statements Of Less Complex Entities (ISA For LCE)

Built on the foundation of the International Standards on Auditing (ISAs), the ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses. ISCA will be seeking feedback from the profession on the adoption of the standard in Singapore.

IAASB Issues Guidance For Assurance Practitioners When Citing IFRS Accounting Standards

The guidance helps stakeholders understand how to reference the IFRS Accounting Standards to follow recent updates to the IFRS Foundation Trade Mark Guidelines. It clarifies how auditors or practitioners should refer to the IFRS Accounting Standards in their reports.

ISCA Issues Revised EP 200 Implementation Guidance (IG) 1 Frequently Asked Questions, And EP 200 IG 2 Illustrative Customer Due Diligence Templates

ISCA has issued revised EP 200 IG 1 Frequently Asked Questions, and EP 200 IG 2 Illustrative Customer Due Diligence Templates to make reference to EP 200 (Revised on 1 June 2023) which was revised to adopt the anti-money laundering and countering the financing of terrorism (AML/CFT) requirements which are included in the Accountants (Prevention of Money Laundering and Financing of Terrorism) Rules 2023. These requirements are applicable to professional accountants in public practice and professional firms preparing for or carrying out transactions which are considered high risk.

December 2023 IASB Update And Podcast Available

The topics discussed include sharing of details on two projects discussed at the December 2023 board meeting: Management Commentary and Power Purchase Agreements, and preview of key developments from IASB during the first half of 2024, including the inaugural joint technical meeting with ISSB in January 2024.

December 2023 IFRS For SMEs Accounting Standard Update Available

This edition of the Update includes an update on IASB’s redeliberations of the proposals in Exposure Draft Third edition of the IFRS for SMEs Accounting Standard, and an overview of the forthcoming addendum to it; an update on the December 2023 meeting of the SME Implementation Group, and an overview of the prospective IFRS Accounting Standard for subsidiaries without public accountability.

IASB’s Second Webcast On Forthcoming IFRS Accounting Standard For Subsidiaries

IASB has issued the second webcast of a three-part series to provide insights into the forthcoming IFRS Accounting Standard for subsidiaries (Standard). This webcast contains sharing on how this Standard will simplify and reduce the cost of preparing subsidiaries’ financial statements while maintaining their usefulness to users. The Standard is expected to be issued in the first half of 2024 and effective for annual reporting periods beginning on or after 1 January 2027. Early application is permitted.

IASB Summarises Completed Project On Extractive Activities

IASB has published a summary of its project on extractive activities including the work done and key decisions made. It includes retaining IFRS 6 and not to explore developing new or amended recognition, measurement and disclosure requirements for extractive activities.

IFRS Foundation And GRI Publish Summary Of Interoperability Considerations For GHG Emissions

The publication illustrates the areas of interoperability between GRI 305: Emissions 2016 and IFRS S2 Climate-Related Disclosures that a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions in accordance with both Standards.

IFRS Foundation Launches Knowledge Hub In Support Of Global Drive To Build Capacity For ISSB Standards

The IFRS Foundation has launched the IFRS Sustainability knowledge hub to support the implementation of the ISSB Standards. Resources in the hub include an introduction to the ISSB Standards, a guide for transitioning from Task Force on Climate-Related Financial Disclosures (TCFD) recommendations to ISSB Standards, and a set of frequently asked questions (FAQs).

ISSB Publishes Targeted Amendments To Enhance International Applicability Of SASB Standards

ISSB has issued amendments to the SASB Standards to help preparers apply the SASB Standards regardless of the jurisdiction in which they operate or the type of generally accepted accounting principles (GAAP) they use without substantially altering the SASB Standards’ structure or intent.

New And Updated Resources To Help Companies Apply IFRS S1 And IFRS S2 From 2024

ISSB is providing new and updated resources to help companies apply the ISSB Standards – IFRS S1 and IFRS S2, including enhancements to the SASB Standards and publication of educational material to help companies apply the climate standard, IFRS S2.

December 2023 ISSB Update And Podcast Available

The podcast looks back at ISSB’s progress in 2023, IOSCO’s endorsement of the ISSB Standards, and foundational work to support the implementation of IFRS S1 and IFRS S2 including capacity building, interoperability and connections. It also includes highlights of ISSB’s engagements at COP 28 and the launch of the knowledge hub.

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