IAASB Releases New FAQ For ISA For LCE
IAASB has published a new set of Frequently Asked Questions for the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), a standard tailored for financial audits of smaller and less complex entities. This new set of FAQs, which replaces the previously issued set, addresses common questions received during webinars and outreach following the standard’s publication in December 2023.
IAASB Revises Fraud Standard To Enhance Public Trust
IAASB has revised International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The revised standard responds to global scrutiny and stakeholder concern regarding the auditor’s role in detecting fraud. It clarifies the auditor’s responsibilities, emphasises a fraud lens in the auditor’s risk identification and assessment, and the appropriate responses to assessed risks. It also provides greater transparency in the auditor’s reports of publicly traded entities.
ISA 240 (Revised) becomes effective for audits of financial statements for periods beginning on or after 15 December 2026. ISCA will undertake the due process to adopt the standard in Singapore.
EP 200 IG 1 (Revised 2025) Frequently Asked Questions
ISCA has updated EP 200 IG 1 (Revised 2025) in June 2025 to reflect recommendations arising from the review of the Inter-Ministerial Committee on Anti-Money Laundering.
Please click here for EP 200 IG 1 (Revised 2025).
EP 100 IG 2 (Revised 2025) Frequently Asked Questions On Key Audit Partners
ISCA has issued EP 100 IG 2 (Revised 2025) to clarify on the rotation rules for key audit partners (KAPs) in EP 100 (revised on 20 March 2025). Nine new FAQs have been added to provide guidance on the application of rotation rules in the following areas:
ISCA Comments On IESBA’s Consultation Paper On Collective Investment Vehicles And Pension Funds
Collective investment vehicles (CIVs) and pension funds (collectively referred to as “Investment Schemes”) are inherently complex with significant differences in regulatory landscapes, legal structures and market practices across jurisdictions. Hence, we expressed the view that introducing a new term “Connected Party” to address a limited scenario with respect to the audit of Investment Schemes appears unnecessary and is inconsistent with the broader objectives of a global code. We suggested that IESBA leave the design and oversight of rules for Investment Schemes to local regulators instead, and shared jurisdiction-specific requirements that apply to auditors of financial institutions that could be CIVs in the Singapore context.
Please click here for the comment letter.
IESBA Tax Planning Standards Now Effective
IESBA's Tax Planning Standards are designed to provide a robust ethical framework to guide professional accountants when providing tax planning services or performing tax planning activities. This framework may also be followed by other tax practitioners who wish to adhere to a high ethical benchmark. IESBA is pleased to recognise and congratulate the following jurisdictions, which have already adopted the standards: Australia, Hong Kong SAR, Saudi Arabia, Singapore, and South Africa.
IESBA And IAASB Establish Expert Groups To Support Global Implementation Of Sustainability Standards
IESBA and IAASB have established two technical expert groups – IESBA’s IESSA Implementation Monitoring Advisory Group (IIMAG) and IAASB’s ISSA 5000 Technical Implementation Contact Group (TICG) – to support effective global implementation of the two boards’ sustainability standards.
For more information on available resources, please visit:
ISCA Invites Comments On IASB’s Request For Information On Post-implementation Review Of IFRS 16
IASB has issued a request for information to obtain comments from stakeholders. The aim is to determine whether the requirements in IFRS 16 Leases provide useful information to users of financial statements, and whether the effects of applying the new requirements on users of financial statements, preparers, auditors and regulators are as intended when the new requirements are developed.
Please submit your comments to Professional Standards by 3 September 2025 (Wednesday).
ASC Withdraws Practice Statement 1 Management Commentary From FRS With Effect From 24 June 2025
Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity’s financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.
The withdrawal is part of an ongoing review by ASC to streamline the number of frameworks and guidance that it has issued.
IASB To Finalise Examples On Reporting Uncertainties In The Financial Statements As Illustrated Through Climate
The examples aim to improve the reporting of uncertainties in the financial statements and use climate-related scenarios to illustrate principles that apply broadly to all types of uncertainties. To ensure timely and informed application, IASB plans to publish a near-final draft of the examples early in third quarter of 2025. The final document is expected to be issued in October 2025.
IASB Issues Revised Practice Statement On Management Commentary
The revised Practice Statement is a major revision of the previous version to address shortcomings highlighted by investors in current practice. IASB intends for the revised Practice Statement to serve as a global benchmark for regulators to use in updating or developing their national requirements and guidance. Additionally, it would provide a comprehensive resource for companies to meet investors’ information needs.
June 2025 IASB Update And Podcast Available
In this IASB Update and Podcast, IASB Vice-Chair Linda Mezon-Hutter and member Hagit Keren join Executive Technical Director Nili Shah to discuss highlights from the IASB meeting in June 2025. The highlights include Climate-related and Other Uncertainties in the Financial Statements, Financial Instruments with Characteristics of Equity, and Provisions – Targeted Improvements.
June 2025 IFRS For SMEs Accounting Standard Update Available
This edition of Update includes an overview of Section 11 Financial Instruments in the third edition of the standard, and resources published to support implementation of the standard.
July 2025 Agenda And Meeting Papers Available
At the ITCG meeting on July 1, topics discussed include Digital Financial Reporting, XBRL’s Open Information Model Taxonomy, and AI and XBRL: How to leverage XBRL with AI for ESG reporting.
At the ASAF meeting on July 7 and 8, topics discussed include Provisions – Targeted Improvements, Rate-regulated Activities, and Business Combinations – Disclosures, Goodwill and Impairment.
ISCA Comments On ISSB’s Exposure Draft Amendments To Greenhouse Gas Emissions Disclosures
We are broadly supportive of the proposed amendments in the exposure draft. Specifically, the reliefs are a pragmatic approach to ease the reporting obligations of preparers in jurisdictions with different regulatory reporting requirements. This will help facilitate the implementation and global adoption of ISSB standards. However, instead of requiring the use of a single industry-classification system – Global Industry Classification Standard – to promote comparability in financed emissions disclosures, we suggest permitting the use of a few select systems to reduce the cost and legal burden to develop comparable disclosures.
Please click here for the comment letter.
IFRS Foundation Publishes Jurisdictional Profiles On Adopting ISSB Standards
IFRS Foundation has published the first set of jurisdictional profiles. It is intended to provide transparency and clarity about the progress towards the adoption of ISSB standards.
IFRS Foundation Launches New E-Learning Modules To Support Implementation Of ISSB Standards
The new e-learning modules are designed to serve as an introductory resource for companies beginning their preparation for sustainability-related disclosures, and for any other stakeholders interested in learning more about ISSB standards.
IFRS Foundation Publishes Guidance On Disclosures About Transition Plans
The new guidance on transition plan disclosures is part of ISSB’s commitment to support the implementation of IFRS S2. It is designed to enable entities to provide high-quality information about their climate-related transition when applying IFRS S2, and covers disclosures about any “transition plan” an entity has, including both mitigation and adaptation efforts.
Organisations that report using both GRI 102 and IFRS S2 can use the equivalent IFRS S2 disclosures for Scope 1, Scope 2 and Scope 3 GHG emissions to meet GRI 102 requirements.
June 2025 ISSB Update And Podcast Available
In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and ISSB Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in June 2025. Topics include the launch of jurisdictional profiles, the forthcoming exposure draft for enhancements to the SASB Standards, and upcoming publications and events.
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