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Standard setting
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Accounting Considerations for a Special Purpose Acquisition Company
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The Institute has issued the publication Accounting considerations for a Special Purpose Acquisition Company (SPAC) which highlights certain key accounting considerations relevant to a typical SPAC throughout its lifecycle.
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Webcasts: IASB’s Exposure Draft Supplier Finance Arrangements
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In these webcasts, an International Accounting Standards Board (IASB) member introduces the background to reverse factoring and other supplier finance arrangements. He then illustrates how the IASB’s proposals aim to enhance the transparency of supplier finance arrangements and why it is important for stakeholders to respond to these proposals.
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IASB January podcast and updates
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The IASB January podcast, with its chair and vice-chair highlighting the projects discussed during the January meeting, and a summary of the January meeting, are now available.
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Institute submission
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The Institute has submitted its comment letter on the International Auditing and Assurance Standards Board’s (IAASB) proposed standard for audits of financial statements of less complex entities.
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Live virtual workshops
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Join the following virtual workshops to stay updated:
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IAASB conforming and consequential amendments resulting from new and revised quality management standards
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The IAASB released further conforming and consequential amendments to the IAASB’s standards resulting from the new and revised quality management standards. The conforming amendments remove actual or perceived inconsistencies between the IAASB’s suite of standards and the quality management standards, effective from 15 December 2022.
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IAASB head on audit’s role
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An article on Compliance Week explores the IAASB’s current and future efforts to improve audit quality, the biggest challenges to audit confidence today, and what emerging issues might be around the corner.
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IAASB digital technology market scan
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The second market scan from the IAASB's Disruptive Technology team explores API access to external data sources for enriched analysis. It discusses what an API is and why it is important, as well as the latest developments on this topic and possible implications for the IAASB.
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Common threads across audit committees
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Despite pandemic-related concerns about the ability of auditors to work effectively, most audit committee members said in a survey that audit quality either increased or stayed the same over the past year. The survey results also reveal top areas of focus on the audit committee’s agenda, and where audit committees are on ESG.
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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 resources that may be of interest to members:
- New resource hub on articles, helpsheets and other practical resources and tools to support the implementation of ISA 540 (Revised)
- Audit and Beyond February 2022 for technical articles on the new quality management standards etc.
- An online event series designed to help small and medium practices to implement the new quality management standards
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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Webinar on Revised Non-Assurance Services and Fee-Related Provisions of the Code
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Join the webinar on 9 March which will deep dive into specific provisions of the revised non-assurance services (NAS) and fee-related independence standards of the Code of Ethics for Professional Accountants. The revisions significantly strengthen the guardrails around auditor independence in two important areas that have the potential to create incentives influencing auditor behavior — NAS provided to audit clients and fees. They will come into effect in December 2022.
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HKICPA Code of Ethics Webpage
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Visit the Institute’s new webpage on the Code of Ethics for Professional Accountants which is designed to help members uphold professionalism. The page includes links to educational material, and other relevant resources.
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FAQ on Revised Fee-Related Provisions of the Code
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The Staff of the International Ethics Standards Board for Accountants released a set of frequently asked questions on the recently revised fee-related provisions of The International Code of Ethics for Professional Accountants (including International Independence Standards). It highlights, illustrates or explains aspects of the revised fee-related provisions and thereby assists in their proper application.
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Ethical technology in the workforce
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In this article, Deloitte shares how organizations should prioritize ethical technology in the workforce, and why it's not just a “big tech” company prerogative.
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Appointment of the Vice-Chair of the ISSB
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The Trustees of the IFRS Foundation announced the appointment of Sue Lloyd as
Vice-Chair of the International Sustainability Standards Board (ISSB), effective 1 March 2022. Ms Lloyd will step down from her current role as Vice-Chair of the IASB. In addition, Janine Guillot, current Chief Executive Officer of the Value Reporting Foundation, has been appointed as a Special Advisor to the ISSB Chair, effective 1 February 2022.
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Interview with the ISSB Chair
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Emmanuel Faber was appointed as the inaugural Chair of the ISSB in December 2021. In this interview, he discusses what attracted him to the role and his ambitions for the ISSB.
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