ISCA Issues Updated Audit Guidance Statements (AGSs) As A Result Of Conforming Amendments Arising From SSA 600 (Revised)
Conforming amendments to the AGSs have been made arising from SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors), which is effective for periods beginning on or after 15 December 2023 (that is, auditor’s reports for financial year ended on or after 15 December 2024).
The conforming amendments are made to:
ISCA Invites Comments on EP 100 Exposure Draft (ED) To Adopt IESBA’s Revisions To The Code Addressing Tax Planning And Related Services
ISCA invites comments on EP 100 to adopt IESBA’s final pronouncement (FP), Revisions to the Code Addressing Tax Planning and Related Services, with a proposed effective date of 1 July 2025. The FP proposes two new sections to EP 100 to guide professional accountants in performing tax planning activities for employing organisations or providing tax planning services to clients. Please send your comments to Professional Standards by 10 December 2024.
ISCA Issues FRB 11 Accounting For Carbon Credits: From The Perspective Of A Buyer/Holder
Since Singapore’s implementation of the carbon tax regime, entities are increasingly looking to use carbon credits to reduce carbon emissions and/or meet sustainability targets. Questions have emerged regarding the definition of carbon credits and the appropriate accounting treatment and reporting of carbon credits.
ISCA, through its Financial Reporting Committee (FRC), has issued FRB 11 to aid entities in understanding what carbon credits are, and the key considerations that the entity should have in selecting the most appropriate accounting standard under SFRS(I) to apply for voluntary purchases of carbon credits.
FRB 11 can be found here.
The Accounting Standards Committee (ASC) has issued:
October 2024 IASB Podcast Available
In this episode of the IASB podcast, highlights from the IASB meeting held from 21 to 23 October were discussed. The following projects are featured:
Q3 2024 IFRS Interpretations Committee Podcast Available
Committee Chair Bruce Mackenzie and member Karsten Ganssauge discuss the decisions made at the IFRS Interpretations Committee meeting held on 10 September 2024. The podcast focuses on Guarantees Issued on Obligations of Other Entities, but also briefly mentions Recognition of Revenue from Tuition Fees (IFRS 15).
Webcast: Explore The Equity Method ED
In this webcast series, IASB members and technical staff take a detailed look into the proposed amendments in an IASB ED aimed at helping companies to account for their investments in associates and joint ventures.
November 2024 Agenda And Meeting Papers Available
At the Global Preparers Forum meeting held on 15 November 2024, topics discussed include Post-Implementation Review (PIR) of IFRS 16, Statement of Cash Flows and Related Matters and Climate-Related and Other Uncertainties in the Financial Statements.
At the IASB meeting held on 19 and 20 November 2024, topics discussed include IFRS Accounting Taxonomy 2024 – Proposed Update 1 IFRS 18 Presentation and Disclosure in Financial Statements and Second Comprehensive Review of the IFRS for SMEs Accounting Standard.
IFAC & Global Accountancy Profession Urge G20 To Prioritise Sustainability And Governance
The global accountancy profession, through IFAC, is urging G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches.
October 2024 ISSB Update And Podcast Available
The ISSB Update, which summarises the October 2024 International Sustainability Standards Board (ISSB) meeting, is now available. You can also listen to the latest episode of the ISSB podcast, where insights into recent developments from ISSB are shared; these include:
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