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Standard setting
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E-seminar for SMEs/SMPs
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Enrol in our new e-seminar for small and medium enterprises and practices (SMEs/SMPs) that answers some frequently asked questions from SMEs/SMPs, and covers the amendments to the SME-FRF & SME-FRS standard that became effective on 1 January 2021. The e-seminar also provides an update on the International Accounting Standards Board’s (IASB) comprehensive review of the IFRS for SMEs standard (equivalent to HKFRS for Private Entities).
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Reminder: Institute roundtable on the IASB’s BCUCC discussion paper
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On 11 May, the Institute will hold a roundtable on the IASB’s Discussion Paper DP/2020/2 Business Combinations under Common Control (BCUCC), which explains the IASB’s preliminary views on how to reduce the diversity in practice and improve the transparency and comparability in reporting BCUCC. Representatives from the IASB will participate in the roundtable, and this will be an excellent opportunity to communicate directly with local and international standards setters. Members can also submit comments by 5 July.
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Invitation to comment
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The Institute is seeking comments on the International Auditing and Assurance Standards Board's (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.
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IAASB March board meeting
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The meeting highlights of the IAASB March board meeting is now available.
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Quality management standards implementation plans
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The IAASB has updated its implementation plans for the new and revised Quality Management Standards. The plans explain what implementation materials stakeholders can anticipate, topics covered, and expected timing.
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New IAASB guidance helps advance assurance for non-financial reporting
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The IAASB has issued Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements to support the assurance of non-financial reporting. The guidance promotes consistent high-quality application of ISAE 3000 (Revised) in EER assurance engagements to:
- strengthen the influence of such engagements on the quality of extended external reporting;
- enhance trust in the resulting assurance reports; and
- increase the credibility of extended external reports so that they can be trusted and relied upon by their intended users.
More support is available on the IAASB’s EER webpage. The Institute will follow its International Convergence Programme for local adoption in due course.
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Navigating the second year of the COVID-19 pandemic
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The COVID-19 pandemic has impacted the work of auditors. The IAASB’s COVID-19 Staff Alerts provide reminders and help for auditors navigating the ongoing disruption. The IAASB’s COVID-19 webpage provides other useful resources in these challenging times.
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ICAEW audit and assurance resources
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The Institute of Chartered Accountants in England and Wales (ICAEW) has the following material that may be of interest to members:
- Determining materiality in a pandemic discusses the factors to consider and practical tips for setting materiality in the current pandemic environment
- Audit and Beyond March and April issues summarize guidance to assist auditors with difficult judgements
Institute members can also subscribe to ICAEW’s International Standards for free to access a wide range of resources on auditing and ethics.
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IESBA March board meeting
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The audio of the International Ethics Standards Board for Accountants (IESBA) March board meeting is now available.
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IESBA’s post-implementation review of its long association international independence standard
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The IESBA released an update on its Long Association Post-Implementation Review (LAPIR). This update provides an overview of Phase 1 of the LAPIR, which began earlier in the year and will review the implementation of a specific partner rotation provision for engagement partners around the world with respect to audits of public interest entities.
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Ethics, technology, and the professional accountant in the digital age
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An IFAC article summarizes the discussion in a global event covering the “ABCDE” of the digital age (Artificial intelligence and robotic process automation, Blockchain, Cloud, Data, and Ethics) and compliance with the Code of Ethics for Professional Accountants.
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