Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft ED/2021/9 Non-current Liabilities with Covenants by 11 February 2022. The proposed amendments to International Accounting Standard 1 Presentation of Financial Statements aim to improve the information companies provide about long-term debt with covenants. |
IASB webcast on proposed standard for subsidiaries without public accountability |
A series of bite-size webcasts on Exposure Draft Subsidiaries without Public Accountability: Disclosures has been produced to explore the objective and scope of the project, proposed disclosures requirements, and structure and the application of the proposed standard. |
IASB Research Forum 2021 |
The IASB recently held its Research Forum 2021 to discuss the latest accounting research that informs the IASB’s standard-setting activities. Topics covered include financial instruments, disclosures about acquisitions and earnings per share. The audio recordings and presentation materials are now available. |
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Invitation to comment |
The Institute is seeking comments on 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. Members may be interested in the following regarding the proposed standard for less complex entity audits:
- Take part in the Institute’s survey by 30 Nov, which highlights the key attributes of the exposure draft followed by yes/no questions
- Follow the IAASB on Linkedin for the previous Linkedin Live LCE sessions
- A podcast by the Institute of Chartered Accountants in England and Wales
- An optional response template
- Participate in the IAASB’s survey to provide your views
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Workshop for Audit Managers/ Seniors In-Charge |
The workshop on 13, 20 and 22 Dec is a tailor-made programme focusing on advanced auditing topics such as risk assessment procedures, auditing accounting estimates, going concern assessment etc. It teaches auditing concepts and practical skills, as well as sharing of recent practice experience relevant to an audit manager/ senior in-charge. |
Auditing and Assurance Standards Committee meeting minutes |
Minutes of the meeting held in October is now available. |
New series of articles on preparing for the new quality management standards |
To help practitioners prepare for the new quality management standards, the International Federation of Accountants (IFAC) has released a new publication series focusing on the three steps of the risk assessment process as required by International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements. The first article of the series – ISQM 1 Quality Objectives and Quality Risks sets out the factors to be considered when performing the first two steps – establishing the quality objectives and identifying and assessing the quality risks which provide the basis for the design and implementation of the responses. |
Sustainability information for small businesses: the opportunity for practitioners |
This report by the IFAC examines the importance of readily available, relevant, and reliable sustainability information for achieving better-informed decisions, enhanced strategic and risk management, and more thorough and valuable reporting to external stakeholders. It also highlights a range of emerging services that practitioners can provide to their clients, including advisory services, reporting, agreed-upon procedures engagements, and assurance services. |
What makes a good audit? |
This publication by the UK Financial Reporting Council explains the key elements that make up a good audit, particularly in the areas of risk assessment and planning, execution of the audit, and completion and reporting. |
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HKEX publishes climate disclosures and corporate governance guidance |
The Hong Kong Exchanges and Clearing Limited (HKEX) has recently published guidance on climate disclosures for listed issuers, and analysis of initial public offering applicants’ corporate governance and environmental, social and governance (ESG) practice disclosures in 2020/2021. The HKEX has also launched a centralized ESG education portal called ESG Academy to support listed companies in their sustainability journeys. |
