ISCA Comments On IAASB’s Exposure Draft (ED): Proposed Narrow-Scope Amendments To IAASB Standards Arising From The IESBA’s Using The Work Of An External Expert Project
ISCA provided comments on IAASB’s ED: Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project.
The proposed amendments address recent revisions to the IESBA Code concerning the use of the work of an external expert. These changes relate primarily to:
We agree with the proposed amendments to align the IAASB standards to the IESBA Code, but highlighted concerns over challenges in obtaining the necessary information on financial interests, relationships and independence from external experts, who may not be subjected to the IESBA Code. To support implementation, we recommend that IAASB and IESBA play a key role in increasing outreach to the external expert community to raise awareness of the requirements, as well as providing guidance on practical steps that PAs can take to obtain the necessary information.
Please click here for the comment letter.
IAASB Highlights How Revised Standards Reinforce Professional Skepticism
IAASB has released a new non-authoritative publication, How the IAASB’s Revised Going Concern and Fraud Standards Reinforce Professional Skepticism, to assist stakeholders in understanding how the revisions to ISA 570 (Revised 2024), Going Concern, and ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, strengthen the consistent application of professional skepticism throughout the audit.
This publication, developed with input from IAASB’s Professional Skepticism Consultation Group, highlights key enhancements to both standards, reflecting IAASB’s efforts to reinforce professional skepticism by addressing, among other matters, how auditors are expected to maintain a questioning mindset, consider contradictory evidence, and appropriately challenge management assumptions.
The revised standards are effective for audits of financial statements for periods beginning on or after 15 December 2026.
ISCA will undertake the due process to adopt the revised standards in Singapore.
IESBA Staff Alert – Private Equity Investment In Accounting Firms
This Staff Alert, issued by IESBA, draws the attention of professional accountants in public practice, particularly accounting firm leadership, to important ethics and independence provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards (the Code) that remain applicable both before and after private equity investment in an accounting firm. The Staff Alert highlights various possible ethical and independence implications arising from private equity investment in accounting firms.
IFRS Foundation Publishes New Educational Modules For IFRS For SMEs
The IFRS Foundation has developed standalone modules for each section of the IFRS for SMEs Accounting Standard. The Foundation is in the process of updating these modules to reflect the amendments in the 2025 version of the Standard, prioritising those sections with significant changes. These modules are designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs Accounting Standard.
June 2025 IFRIC Update Available
This Update is a summary of the decisions by the IFRS Interpretations Committee (IFRIC). The discussion topics included proposed tentative agenda decisions relating to (1) Determining and Accounting for Transaction Costs under IFRS 9 and (2) Accounting of Embedded Prepayment Option in a Loan Contract under IFRS 9; updates to various agenda decisions for requirements in IFRS 18; and feedback received on the tentative agenda decision, Assessing Indicators of Hyperinflationary Economies (IAS 29).
Q2 2025 IFRIC Podcast Available
This podcast, hosted by Committee Chair Bruce Mackenzie and Committee member Brian O’Donovan, shares discussions relating to updates to agenda decisions for IFRS 18, two tentative agenda decisions on (1) Determining and Accounting for Transaction Costs (IFRS 9) and (2) Embedded Prepayment Option (IFRS 9); and the final agenda decision on Assessing Indicators of Hyperinflationary Economies (IAS 29).
IFRS Foundation Publishes Near-Final Examples On Reporting Uncertainties In The Financial Statements Using Climate
The near-final examples illustrate how an entity applies the requirements of IFRS Accounting Standards to report the effects of uncertainties in its financial statements. The examples illustrate the reporting of the effects of uncertainties through climate-related fact patterns.
July 2025 Due Process Oversight Committee (DPOC) Agenda And Meeting Papers Available
The DPOC meeting on 24 July 2025 discussed IASB’s project on Rate-Regulated Activities.
July 2025 IASB Update And Podcast Available
In this IASB Update and Podcast, IASB Chair Andreas Barckow and member Bob Uhl joined Executive Technical Director Nili Shah to discuss highlights from the IASB meeting in July 2025. The highlights included Business Combinations – Disclosures, Goodwill and Impairment, Statement of Cash Flows and Related Matters, and an update on the Fourth Agenda Consultation.
ISCA Invites Comments On ISSB’s EDs: Proposed Amendments To The SASB Standards, And Consequential Amendments To The Industry-Based Guidance On Implementing IFRS S2
ISCA seeks comments on ISSB’s ED Proposed Amendments to the SASB Standards, and ED Proposed Amendments to the Industry-Based Guidance on Implementing IFRS S2 (consequential amendments arising from the SASB ED).
Please email your comments to ISCA Professional Standards by 29 September 2025.
ISSB Proposes Comprehensive Review Of Priority SASB Standards And Targeted Amendments To Others
ISSB has released two EDs proposing amendments to the SASB Standards and consequential amendments to the Industry-Based Guidance on Implementing IFRS S2. ISSB included these enhancements in its 2024–2026 work plan to provide timely support to companies applying IFRS Sustainability Disclosure Standards (ISSB Standards) and to enhance the decision-usefulness of information provided to investors. This work will support the implementation of the ISSB Standards, IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information,and IFRS S2 Climate-Related Disclosures; it will also benefit the many companies that apply the SASB Standards on a voluntary basis.
IFRS Foundation Publishes Educational Material On ISSB Industry-Based Guidance
This educational material will help preparers understand the role of ISSB industry-based guidance when applying IFRS S1 and IFRS S2. The educational material is part of ISSB’s commitment to support the implementation of ISSB Standards.
July 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 July 2025. The topics included the publication of ISSB guidance on transition plan disclosures, use of industry-based guidance when applying ISSB Standards, and upcoming publications and events.
US Tariffs Deadline Passed: What This Means For Preparers And Auditors
With the 1 August 2025 US tariff deadline now behind us, some countries have reached new trade agreements with the US. However, uncertainty remains and this evolving situation continues to pose challenges for entities.
Such uncertainties could lead to compliance, cost and operational pressures for entities, potentially impacting sales, profitability, and even strategic business planning. These implications must be carefully considered by both preparers of financial statements and auditors, and be appropriately reflected in the financial statements.
To guide preparers and auditors, ISCA has released the following guides on key accounting and auditing considerations:
Preparers can access the full guide here.
Auditors can access the full guide here.
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