IAASB’s final position is different from the position that was presented in the Exposure Draft (ED) of the IAASB PIE Track 2 Project due to a divergence issue between the IAASB PIE proposals and the IESBA PIE Revisions.
The definition of PIE has not been adopted for the ISQMs and ISAs and therefore, the extant differential requirements that apply to listed entities will only apply to PTEs for now.
This development is aligned to the position taken in our feedback to IAASB submitted in April 2024 on the previous ED, which highlighted concerns about imposing differential requirements to all PIEs (including subjecting audits of PIEs to engagement quality review and reporting on KAMs, among other requirements).
ISCA is generally supportive of IAASB’s revised position and provided the following recommendations to support implementation:
IAASB Releases First-Time Implementation Guide For ISA For LCE
IAASB released a new first-time implementation guide for ISA for LCE – the standalone global auditing standard designed specifically for audits of financial statements of smaller and less complex entities (LCE). The guide provides an overview of the standard’s concepts, structure, and format. It offers step-by-step insights into each part of the standard, with examples and comparisons to ISAs.
IAASB Strengthens Auditor Responsibilities For Going Concern Through Revised Standard
IAASB issued ISA 570 (Revised 2024), Going Concern on 9 April 2025. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2026.
The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. It will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner. ISA 570 (Revised 2024) introduces several key changes:
ISCA will undertake the due process to adopt the standard in Singapore.
EP 100 (Revised On 20 March 2025) – Expected To Be Effective 1 July 2025
ISCA has issued EP 100 (revised on 20 March 2025) to adopt IESBA’s final pronouncement (FP), Revisions to the Code Addressing Tax Planning and Related Services. The FP introduces new sections 280 and 380 to EP 100, to guide professional accountants in performing tax planning activities for employing organisations or providing tax planning services to clients.
Please click here for EP 100 (revised on 20 March 2025).
Key Accounting Reminders On US Tariffs
The recent introduction of baseline and additional reciprocal tariffs by the US has raised concerns about potential shifts in the global trade landscape. These changes bring implications that could significantly impact businesses and their operations.
ISCA has collated some key accounting considerations for affected entities.
IFRS Accounting Taxonomy 2025 Available
The updated IFRS Accounting Taxonomy 2025 includes the new presentation and disclosure requirements introduced in IFRS 18 Contracts Referencing Nature-Dependent Electricity and IFRS 19 Subsidiaries without Public Accountability: Disclosures, Classification and Measurement of Financial Instruments and Annual Improvements to the IFRS Accounting Standards – Volume 11.
March 2025 IASB Update And Podcast Available
In the March IASB Update and Podcast, IASB Chair Andreas Barckow and member Jianqiao Lu joined Executive Technical Director Nili Shah to share on topics discussed at the IASB meeting in March, including Post-Implementation Review of IFRS 16, Intangible Assets and Statement of Cash Flows and Related Matters.
March 2025 IFRS For SMEs Accounting Standard Update Available
This Update includes the issuance of the third edition of the IFRS for SMEs Accounting Standard, resources to support implementation of the standard, and instructions for submitting implementation issues.
March 2025 IFRIC Update Available
This Update is a summary of the decisions by IFRIC. The discussion topics include feedback received on the tentative agenda decisions relating to (i) how an entity accounts for guarantees that it issues on obligations of other entities (IFRS 9); (ii) the period over which an educational institution recognises revenue from tuition fees (IFRS 15); and (iii) whether an entity’s investments in carbon credits and expenditure on R&D activities qualify to be recognised as intangible assets (IAS 38).
March 2025 Global Preparers Forum Agenda And Meeting Papers Available
At the Global Preparers Forum meeting on March 28, the topics discussed include updates on the IASB and ISSB workplans, potential changes to the proposals related to the presentation and disclosure sections in ED Financial Instruments with Characteristics of Equity, and initial research findings in the project on Statement of Cash Flows and Related Matters.
April 2025 IASB Agenda And Meeting Papers Available
At the IASB meeting on April 8 and 9, the topics discussed include Climate-Related and Other Uncertainties in the Financial Statements, and Business Combinations – Disclosures, Goodwill and Impairment.
New Resources On Third Edition Of IFRS For SMEs Accounting Standard
The new resources, which include a new podcast episode, discuss the impact of the third edition of the IFRS for SMEs Accounting Standard on SMEs and the users of their financial statements. The first webcast in a new series provides an overview of the comprehensive review process that led to the development of the third edition of the standard, including stakeholder feedback and the main changes from the previous edition.
ISSB New Webcast Series On Sustainability-Related Risks And Opportunities And The Disclosure Of Material Information
The ISSB webcast series, featuring ISSB Vice-Chair Sue Lloyd and ISSB technical staff, explains the definition of material information and its application in the ISSB Standards, the meaning of “sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects” and how to identify such risks and opportunities; and how to identify and disclose material information about these risks and opportunities.
March 2025 ISSB Update And Podcast Available
In the March ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in March 2025, including progress on guidance around transition plan disclosures, key takeaways from the March ISSB meeting and upcoming educational materials and events.
Roadmap Development Tool Launched To Support Jurisdictions Plan And Design Adoption Roadmaps For ISSB Standards
The IFRS Foundation has launched a Roadmap Development Tool, which is intended to support jurisdictions in the planning and the design of their adoption roadmaps for the ISSB Standards. The interactive tool develops the concepts set out in the Inaugural Jurisdictional Guide for the adoption or other use of ISSB Standards into practical application, to support jurisdictions and implementation partners as they navigate the policy considerations and key steps of planning and designing their roadmap for the adoption or other use of the ISSB Standards.
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