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Standard setting
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Invitation to comment
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The Institute is seeking comments on the International Accounting Standards Board (IASB) Request for Information Post-implementation Review of IFRS 9—Classification and Measurement by 3 December. The request for information seeks feedback on applying the classification and measurement requirements of IFRS 9 Financial Instruments and related disclosures. Members are also invited to participate in the Institute’s roundtable on 16 November to share their views.
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Annual Accounting Update 2021 "You Gotta Move On”
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At this conference on 13 November, speakers will discuss common application issues of Hong Kong Financial Reporting Standards (HKFRS), newly and not yet effective HKFRS, the future of corporate reporting, and emerging issues including accounting for cryptocurrencies and special purpose acquisition companies.
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IASB September 2021 podcast
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In this September IASB’s podcast, IASB Chair and Vice-Chair highlight the projects discussed during the September meeting, including extractive activities, financial instruments with characteristics of equity, dynamic risk management, primary financial statements and goodwill and impairment. They also touch on the recent World Standard-setters Conference and the IFRS Foundation Trustees’ work on the proposed International Sustainability Standard Board.
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September 2021 IFRS for SMEs Update
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The September 2021 IFRS for SMEs Update that provides a summary of news, events and other information about the IFRS for SMEs standard and related small and medium-sized entities (SME) activities is now available.
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Invitation to comment
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The Institute is seeking comments on:
- Exposure Draft Practice Note 850 (Revised) Reporting on Flag Days, General Charitable Fund-Raising Activities and Solicitation of Signed Authorisation Forms Covered by Public Subscription Permits Issued by the Social Welfare Department by 23 October
- Exposure Draft Conforming Amendments to Other Standards and Pronouncements as a Result of HKSRS 4400 (Revised), Agreed-Upon Procedures Engagements by 27 October
- International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (LCEs) by 31 December
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Proposed new standard for the audits of LCEs
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Members may be interested in the following regarding the IAASB’s proposed standard for less complex entity (LCE) audits:
- Take part in the Institute’s survey, which highlights the key attributes of the exposure draft followed by yes/no questions
- Participate the Institute’s roundtable on 9 November to share views on the exposure draft. Members attending the roundtable will be entitled to up to 1 CPD hour
- IAASB LinkedIn livestreams
- A podcast by the Institute of Chartered Accountants in England and Wales (ICAEW)
- An optional response template
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Reminder: webinars on auditing and assurance
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Join the following webinars in October and November to stay updated:
- 30 October: Annual Auditing Update 2021 “Enhancing Audit Quality Through Transformation”
- 16 November: Industry update relating to licensed corporations
- 18 November: Industry update relating to investment funds
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CPA Canada practitioner’s pulse guidance webinars
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The following live and recorded webinars by CPA Canada provide updates to auditing and assurance in different areas:
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IAASB’s action to address the complexity, understandability, scalability and proportionality of the standards
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The IAASB’s Drafting Principles and Guidelines have been developed to guide how the IAASB’s staff draft the standards. The IAASB is currently undertaking outreach with stakeholders to gather feedback on the document. If you are interested in providing feedback, please complete this survey.
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Data in audit
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An ICAEW article discusses how better data processing and management opens up new opportunities for auditors and could even help rebuild trust.
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IAASB eNews
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The IAASB September eNews is now available, highlighting various activities going on in and around the IAASB.
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Institute submission
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The Institute has submitted a comment letter on the International Ethics Standards Board for Accountants (IESBA) Exposure Draft Proposed Quality Management-related Conforming Amendments to the Code.
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IESBA September board meeting
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The meeting summary and audio recording of the IESBA’s September meeting is now available.
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A4S Finance Leaders’ Sustainability Barometer
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Accounting for Sustainability (A4S), of which the Institute is a member, has launched the A4S Finance Leaders’ Sustainability Barometer survey of chief financial officers and chief investment officers to track how attitudes to sustainability are changing. Complete the survey to help identify trends and ongoing gaps in terms of skills and actions.
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Webcast on the Technical Readiness Working Group’s preparations for a sustainability standard board
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The IFRS Foundation has published a webcast explaining the role of the Technical Readiness Working Group (TRWG), which was created by the Foundation’s Trustees in March 2021 to do preparatory work for the proposed International Sustainability Standards Board. The webcast introduces the member bodies of the TRWG and provides a high-level summary of its work programme.
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