Key Considerations On Auditing Implications From US Tariffs
The ongoing uncertainty surrounding the baseline and additional reciprocal tariffs by the US has raised concerns about potential shifts in the global trade landscape. In light of this development, we would like to highlight certain key auditing considerations.
With the heightened uncertainty, auditors should incorporate into their risk assessment an understanding of how tariff developments may affect the entity and consequently, the financial statements.
IFIAR Releases 2025 Report On The Use Of Technology In Audits
The International Forum of Independent Audit Regulators (IFIAR) has released its 2025 report on Use of technology in audits – observations, risks and further evolution. This report presents information and perspectives on the use of technology in audits.
More Global Companies Seek Assurance On Sustainability Reporting: Study By IFAC, AICPA And CIMA
Seventy-three per cent of large companies from the G20 countries obtained assurance on some aspect of their sustainability disclosures in 2023, up from 69% in 2022, and 51% in 2019. This is according to The State of Play: Sustainability Disclosure and Assurance, (Five-Year Trends and Analysis, 2019-2023) report by IFAC, and AICPA and CIMA. Most of the assurance then and now is of limited scope.
Highlights of the updated study include:
Audit firms, as opposed to consultants or other service providers, continue to lead (55%) in providing assurance on sustainability disclosures by large global companies, with broad variations from country to country. The report notes the increased use of audit firms in several major markets in 2023, compared to 2022, including Singapore (+6 percentage points), South Africa (+4), UK (+5) and US (+5).
ACRA Issues Changes To ACRA Code Effective 1 July 2025
ACRA has issued changes to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (the ACRA Code) to adopt IESBA’s final pronouncement, Revisions to the Code Addressing Tax Planning and Related Services. These changes are aligned with ISCA’s EP 100 (revised on 20 March 2025), which is also effective 1 July 2025.
ISCA Issues FRB 12 Accounting Implications Arising From The Multinational Enterprise (Minimum Tax) Act in Singapore
Following the announcement made back in Singapore Budget 2024, Singapore published the Multinational Enterprise (Minimum Tax) Act (MMT Act) to implement new corporate taxes under Pillar Two of the BEPS 2.0 initiative (“Pillar Two legislation”).
Following the release of our Statement on 22 January 2025, ISCA issues FRB 12 Accounting Implications arising from the Multinational Enterprise (Minimum Tax) Act in Singapore to support entities in understanding the accounting implications arising from the MMT Act in Singapore.
FRB 12 can be found here.
Compilation Of Agenda Decisions – Volume 12, Published
The IFRS Foundation has published Compilation of Agenda Decisions – Volume 12, which contains all the agenda decisions made by IFRIC from November 2024 to April 2025.
IFRS Foundation Updates Going Concern Educational Material To Reflect Latest Developments
The educational material, originally published in 2021, supports the consistent application of going concern assessments under IFRS Accounting Standards during the COVID-19 pandemic. This has been updated to reflect the latest developments on IFRS 18, and to remove outdated references relating to IAASB and its project on Going Concern.
IFRS 18 Accounting Taxonomy Webcast Series
The two-part webcast series explains the main changes to the IFRS Accounting Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements.
IFRS Foundation Publishes New Educational Materials To Support Implementation Of The IFRS For SMEs Accounting Standard
These new educational materials are designed to help small and medium-sized enterprises (SMEs) implement Section 11 Financial Instruments, of the third edition of the IFRS for SMEs Accounting Standard.
May 2025 IASB Update And Podcast Available
In this IASB Update and Podcast, IASB Vice-Chair Linda Mezon-Hutter and member Florian Esterer join Executive Technical Director Nili Shah to share the topics discussed at the IASB meeting in May 2025. They include Equity Method, Intangible Assets and Statement of Cash Flows and Related Matters.
The webcast is hosted by two ISSB staff members and discusses the background to the amendments, proposed changes and next steps for the exposure draft. ISSB has also published Chinese, Japanese, Mongolian, Romanian and Spanish translations of the exposure draft.
May 2025 ISSB Update And Podcast Available
In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd share on topics discussed at the ISSB meeting in May 2025, including the consultation proposing targeted amendments to IFRS S2, key takeaways from the May ISSB meeting, and upcoming publications and events.
IFRS Foundation Publishes Educational Material On Greenhouse Gas (GHG) Emissions
The educational material is structured as questions and answers about the requirements for an entity to disclose its GHG emissions in accordance with IFRS S2.
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