Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach by 31 August. |
Institute submission |
The Institute has submitted its comment letter on the IASB Exposure Draft ED/2020/4 Lease Liability in a Sale and Leaseback – Proposed amendment to IFRS 16. |
Extension of comment period for Exposure Draft Regulatory Assets and Regulatory Liabilities |
The IASB has extended by 30 days the comment period for the Exposure Draft Regulatory Assets and Regulatory Liabilities to give stakeholders more time to respond. The Institute has also extended its local deadline to comment to 30 June. |
March 2021 IASB update and podcast |
The March IASB Update, highlighting the tentative decisions reached at the IASB monthly meeting, and the March podcast, focusing on the IASB discussions at its monthly meeting, are now available. |
March IFRS Interpretations Committee update |
The March IFRS Interpretations Committee Update newsletter, summarizing the decisions reached by the Interpretations Committee at its February meeting, is now available. |
February SME Implementation Group meeting report |
The February SME Implementation Group meeting report, summarizing discussions from the February meeting, is now available. |
IASB Discussion Paper Business Combinations under Common Control |
Members may be interested in the following recordings on the IASB Discussion Paper DP/2020/2 Business Combinations under Common Control, which explain the IASB’s preliminary views on how to reduce diversity in practice and improve the transparency and comparability in reporting business combinations under common control (BCUCC).
- The Institute’s webinar (in Cantonese) providing an overview of the paper
- The IASB’s webinar presenting suggestions for how the IASB could amend standards to make reporting more comparable and more transparent and explaining how those suggestions would apply to BCUCC
Members can submit their comments on the paper to the Institute by 5 July. |
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Invitation to comment |
The Institute is seeking comments on the International Auditing and Assurance Standards Board (IAASB) Exposure Draft Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards by 23 April. The proposed revisions align the IAASB’s standards related to review, assurance and related services, as well as its framework, with the new Quality Management Standards through conforming amendments. |
IAASB March board meeting |
The audio recording of the IAASB March board meeting is now available. |
Assurance standards keeping pace on non-financial reporting |
Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements will be published by the IAASB in April. Ahead of its release, the IAASB Chair has published an article on how the guide supports the application of ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information and growing demands for non-financial information reporting and assurance thereon. |
IAASB support material addressing risk of overreliance on technology |
The Technology Working Group of the IAASB released non-authoritative support material to help auditors address the risk of overreliance on technology, whether it arises from using automated tools and techniques or from using information produced by an entity’s systems. |
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Proposed revisions to the definitions of listed entity and PIE |
The Institute is seeking comments on the International Ethics Standards Board for Accountants Exposure Draft Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code by 3 April. The proposed revisions broaden the definition of a public interest entity (PIE) in the International Code of Ethics for Professional Accountants (Including International Independence Standards) to include more categories of entities. |
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IFRS Foundation announces the formation of a working group |
The IFRS Foundation trustees announced the formation of a working group to accelerate convergence in global sustainability reporting standards focused on enterprise value and to undertake technical preparation for a potential international sustainability reporting standards board under the foundation. The working group will provide a forum for structured engagement with initiatives focused on enterprise value reporting. This follows a recent statement by the International Organization of Securities Commissions, calling for the coordination of work to drive international consistency of sustainability-related disclosures with a focus on enterprise value creation. The International Federation of Accountants issued a response to the announcement, welcoming it, and including a link to a letter from its chief executive on the matter. |
