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Technical Highlights

ISCA Invites Comments On IAASB’s Exposure Draft: Proposed ISA 240 (Revised) The Auditor’s Responsibilities Relating To Fraud In An Audit Of Financial Statements,And Proposed Conforming And Consequential Amendments To Other ISAs

These proposed revisions significantly strengthen IAASB’s standard on auditors’ responsibilities related to fraud by defining the expectations in relation to fraud, delineating more robust procedures, and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report.

Please send your comments on the Exposure Draft (ED) to Professional Standards by 21 April 2024.

ISCA Invites Comments On IESBA's EDs On Ethical Considerations In Sustainability Reporting And Assurance

ISCA seeks comments on two EDs issued by IESBA:

The IESSA ED and ethics standards for sustainability reporting propose a clear framework of expected behaviour and ethics provisions for use by all sustainability assurance practitioners and professional accountants involved in sustainability reporting.

The ED on Using the Work of an External Expert proposes an ethical framework to guide professional accountants or sustainability assurance practitioners, as applicable, in evaluating whether an external expert has the necessary competence, capabilities and objectivity, in order to use that expert’s work for the intended purposes.

Please send your comments on the EDs to Professional Standards by 14 March 2024.

ASC Publishes 2024 Volumes Of SFRS(I)s And FRSs

The Accounting Standards Committee (ASC) has published the collections of SFRS(I)s and FRSs required to be applied for annual reporting period beginning on 1 January 2024.

Webcast On The Forthcoming IFRS 18 Which Will Replace IAS 1

IASB has issued a webcast introducing the forthcoming IFRS 18 Presentation and Disclosure in the Financial Statements, which will replace the existing IAS 1 Presentation of Financial Statements. The new standard sets out the overall requirements for presentation and disclosures in the financial statements, and includes new presentation and disclosure requirements. However, it will also not change how companies recognise and measure items in the financial statements. IFRS 18 is expected to be issued in April 2024 and effective for annual reporting periods beginning on or after 1 January 2027. Early application is permitted.

Webcast Series On The ED Financial Instruments With Characteristics Of Equity

In this webcast series, IASB Technical staff member Angie Ah Kun explains IASB’s proposals to address three common practice issues: (1) Fixed-for-fixed condition, (2) Effects of laws or regulations on the contractual terms, and (3) Obligations to purchase own equity instruments.

January 2024 IASB Podcast Available

In this podcast, the topics discussed include progress made in the Post-Implementation Review of IFRS 15, key decisions made in the amendments to IFRS 9 ─ Classification and measurement project, and discussions on the proposals for the Addendum to ED Third Edition of the IFRS for SMEs Accounting Standard.

Q4 2023 IFRS Interpretations Committee Podcast Available

In this podcast, IFRS Interpretations Committee Chair and IASB member Bruce Mackenzie joined Committee members Jon Nelson and Jens Freiberg to share on IFRIC’s decisions made at its November 2023 meeting on climate-related commitments in IAS 37, and disclosure of revenues and expenses for reportable segments in IFRS 8.

IFRS Foundation Publishes Special IASB-ISSB Podcast Episode

In this podcast, IASB Vice-Chair Linda Mezon-Hutter and ISSB Vice-Chair Sue Lloyd share their reflections on the discussions at the inaugural joint IASB-ISSB technical meeting held on 25 January 2024 in London, and on related topics such as IASB’s management commentary project and the role of the Integrated Reporting Framework.

January 2024 ISSB Podcast Available

In this podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd share on topics discussed at the ISSB meeting in January 2024, including supporting the implementation of the ISSB standards, working with jurisdictions on their adoption roadmaps, and finalising ISSB’s two-year work plan.

MAS Issues Good Practices For Auditors Of Fund Management Companies

Auditors are a key stakeholder in promoting strong internal controls, risk management practices and business conduct by fund management companies (FMCs). In this regard, MAS has issued an infographic to provide guidance to auditors of FMCs, for example, to familiarise them with the relevant regulatory requirements, reporting non-compliance to MAS, and checking for common errors found in the financial returns submitted by FMCs.

Third parties providing regulatory and compliance services to FMCs should also take note of these baseline expectations of MAS.

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