ISCA Issues Amendments To Auditing And Assurance Pronouncements Arising From Revised ACRA Code
Revisions to the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) require a firm to publicly disclose when it has applied the independence requirements for public interest entities (PIEs).
The amendments to the Auditing and Assurance Pronouncements include updated illustrations to provide illustrative wording in the auditor’s report for PIEs to promote the consistent application of the revised disclosure requirements under the ACRA Code.
IAASB Publishes New Illustrative Reports To Support ISSA 5000 Implementation
The publication includes examples illustrating how ISSA 5000 can be applied to various sustainability assurance engagements:
ISCA Invites Comments On IASB’s ED Risk Mitigation Accounting – Proposed Amendments To IFRS 9 And IFRS 7
IASB has proposed a new Risk Mitigation Accounting model to better reflect how financial institutions manage interest rate risk. The model aims to provide greater transparency into how interest rate risk management affects financial performance and future cash flows in a dynamic environment. To support this, IASB plans amendments to IFRS 9 and IFRS 7 and is considering withdrawing IAS 39.
Please send your comments on the ED to ISCA Professional Standards by 27 May 2026.
ASC Issues Amendments To SFRS(I) 19 And FRS 119
ASC has issued the Amendments to SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures and Amendments to FRS 119 Subsidiaries and Small Entities without Public Accountability: Disclosures, effective for annual reporting periods beginning on or after 1 January 2027.
IASB Issues Amendments For Translating Financial Information Into Hyperinflationary Currencies
IASB has issued amendments to IAS 21 that clarify how companies should translate financial statements from a non-hyperinflationary currency to a hyperinflationary one. The amendments, developed in response to stakeholder feedback, aim to improve the usefulness of the resulting information in a cost-effective manner. They are effective from 1 January 2027, with early application allowed.
November 2025 IASB Update And Podcast Available
In this IASB Update and Podcast, IASB Chair Andreas Barckow and member Bertrand Perrin join then-Executive Technical Director Nili Shah to discuss highlights from the IASB meeting in November 2025, which include redeliberating the proposals in ED Equity Method of Accounting – IAS 28 Investments in Associates and Joint Ventures (revised 202x) and an update on IASB’s work plan.
IFRS Foundation Publishes IFRS For SMEs Educational Module 9 And Module 23
The IFRS Foundation has published Educational Module 9 – Consolidated and Separate Financial Statements and Module 23 – Revenue from Contracts with Customers.
IASB Issues Illustrative Examples On Reporting Uncertainties In Financial Statements
The illustrative examples show how companies can apply IFRS Accounting Standards when reporting the effects of uncertainties, using climate-related scenarios as practical illustrations. The final examples, which differ only slightly from a near-final draft issued in July 2025, serve as accompanying guidance and have no effective date, though companies are expected to adopt any changes in reporting on a timely basis.
November/December 2025 Agenda And Meeting Papers Available
At the DPOC meeting on 11 November 2025, the topic discussed was the proposed composition of the Financial Instruments Consultative Group.
At the IFRIC meeting on 25 and 26 November 2025, the topics discussed include submissions about (i) how an entity applies IFRS 18 to classify any gain or loss on a derivative financial instrument in its consolidated statement of profit or loss, (ii) application of IAS 1 in relation to fair presentation and compliance with IFRSs, (iii) application of IFRS 18 in determining main business activity and presentation of taxes or other charges that are not income taxes within scope of IAS 12; feedback received on tentative agenda decisions relating to embedded prepayment option (IFRS 9); and determining and accounting for transaction costs (IFRS 9).
At the ASAF meeting on 1 and 2 December 2025, the topics discussed include deliberations on Amortised Cost Measurement, Intangible Assets, and Statement of Cash Flows and Related Matters.
At the IASB meeting from 8 to 11 December 2025, the topics discussed include Financial Instruments with Characteristics of Equity, Business Combinations – Disclosures, Goodwill and Impairment, and Statement of Cash Flows and Related Matters.
November 2025 ISSB Update And Podcast Available
In this ISSB Update and Podcast, ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd shared on topics discussed at the ISSB meeting in September 2025, which include how ISSB will draw on the Taskforce on Nature-Related Financial Disclosures (TNFD) framework to meet investors’ common information needs as it proceeds with standard-setting for disclosures about nature-related risks and opportunities.
