ISCA Issues Audit Bulletin (AB) 7 Considerations Over External Confirmation Procedures
ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including:
IAASB Issues New Guidance On ISSA 5000, General Requirements For Sustainability Assurance Engagements
Following the issuance of ISSA 5000, General Requirements for Sustainability Assurance Engagements, IAASB released new guidance to support practitioners in the implementation of the standard. This includes an implementation guide, fact sheet, FAQs and FAQ video series. IAASB will also hold a webinar series in the coming months.
IESBA To Hold Series Of Webinars On Global Ethics Sustainability Standards
The International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA), the provisions related to sustainability reporting, and the new standards addressing using the work of an external expert in the International Code of Ethics for Professional Accountants (including International Independence Standards), establish a strong ethical foundation for sustainability reporting and assurance engagements.
To help stakeholders understand and use the new standards, IESBA is holding a series of webinars at various times to accommodate a global audience.
ASC Publishes 2025 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 2025.
IASB Updates IFRS Accounting Standards For Nature-Dependent Electricity Contracts
IASB has issued Contracts Referencing Nature-Dependent Electricity (Amendments to IFRS 9 and IFRS 7) to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). The amendments are effective for annual reporting periods beginning on or after 1 January 2026.
Webcast On Exposure Draft Provisions – Targeted Improvements
In this webcast, IASB technical staff explain the proposed targeted amendments to IAS 37 published in November 2024. The proposed amendments aim to clarify when to recognise a provision, which discount rate to use for measuring a long-term provision, and which costs to include in the measurement of a provision.
New Podcast On IFRS For SMEs Accounting Standard
IASB has launched a new podcast series dedicated to the forthcoming third edition of the IFRS for SMEs Accounting Standard. The series aims to inform stakeholders about key changes to the standard, share insights into the updates, and where relevant resources related to the standard could be found.
The first episode of the podcast highlights the key updates to the standard, IASB’s approach to updating the standard, and engagement with stakeholders throughout the review process.
January 2025 IFRS For SMEs Accounting Standard Update Available
This edition of the Update includes an update on IASB’s redeliberations of proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard (2022 Exposure Draft), and overviews of the second comprehensive review of the IFRS for SMEs Accounting Standard (the Standard) and the revised Section 23 Revenue from Contracts with Customers in the third edition of the Standard.
January 2025 IASB Update And Podcast Available
In January 2025’s IASB Update and Podcast, the topics discussed include stakeholder feedback on the Exposure Draft Business Combinations – Disclosures, Goodwill and Impairment, decision on the comment period extension for the Exposure Draft Provisions – Targeted Improvements, and the Pollutant Pricing Mechanisms project.
ISSB Webcast On Proportionality Mechanisms In IFRS Sustainability Disclosure Standards
The International Sustainability Standards Board (ISSB) has announced a new webcast designed to help companies with different levels of capability and preparedness to apply the ISSB Standards. The webcast, hosted by ISSB member Ndidi Nnoli-Edozien and ISSB technical staff Martine Beaulieu, explains how the proportionality mechanisms support the application of IFRS S1 and IFRS S2. They cover what the proportionality mechanisms are, and where they appear in IFRS S1 and IFRS S2.
January 2025 ISSB Update And Podcast Available
In January 2025’s ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in January 2025, including the educational materials published to support the implementation of ISSB Standards and key takeaways from the ISSB meeting in Frankfurt.
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