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Standard setting
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Invitation to comment
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The Institute is seeking comments on the IFRS Interpretations Committee tentative agenda decision on Multi-currency Groups of Insurance Contracts (IFRS 17 and IAS 21) by 22 July.
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Post-implementation Review of IFRS 10, IFRS 11 and IFRS 12—Conclusion
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The International Accounting Standards Board (IASB) has published a Project Report and Feedback Statement concluding its Post-implementation Review (PIR) of International Financial Reporting Standard (IFRS) 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Feedback from the PIR shows that the requirements set out in the standards are working as intended and that application of the requirements did not give rise to unexpected costs.
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Andreas Barckow delivers IFRS Foundation Conference keynote speech
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Andreas Barckow, Chair of the IASB, delivered the keynote speech at the IFRS Foundation Conference 2022. In his speech, he set out the IASB’s decisions on its work plan and the rationale for these decisions and shared some important recent developments of the IASB.
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IFRS Interpretations Committee June 2022 Update
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The IFRS Interpretations Committee Update provides a summary of discussions at its June meeting.
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Financial Reporting Council Annual Inspection Report
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The Financial Reporting Council in Hong Kong issued the 2021 Annual Inspection Report which presents the full year results of their inspections of listed entity audits completed in 2021. The Inspection Report contains useful insights and significant recommendations that are highly important to the sustainable development and continuous improvement of the accounting profession.
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IAASB digital technology market scan
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The fourth market scan from the International Auditing and Assurance Standards Board (IAASB) Disruptive Technology team explores Natural Language Processing (NLP), a technology that has applications within Accessing Information & Data and within Assessing Internal Controls. This technology has the potential to impact many areas of the audit, enhancing the way auditors work and providing opportunities for greater insight.
Previous digital technology market scans released by the IAASB’s Disruptive Technology team covered topics on data standardization, API Access and Artificial Intelligence.
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IFAC panel discussion on the IAASB’s new quality management standards
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The International Federation of Accountants in collaboration with the Forum of Firms held two video panel discussions providing an overview of 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. They discussed how firms have been planning for the implementation, shared practical examples and tips and suggested good practices.
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Professional judgement guidance for auditors
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The Financial Reporting Council in the UK published a non-prescriptive guidance on the effective exercise of professional judgment by auditors. It comprises a framework for making professional judgements and a series of illustrative examples showing the exercise of professional judgement in practice.
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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:
- ISQM 1: Use of resources obtained from service providers highlights quality management requirements and the range of information auditors may need from providers to identify quality risks that may arise from using their services.
- Resources to help audit firms prepare for the new and revised quality management standards under ISQM 1, ISQM 2 and International Standard on Auditing (ISA) 220 (Revised).
- Summary of links to technical help, webinars, publications and events to all stages of an audit.
- Resources and support tools on auditing accounting estimates under ISA 540 (Revised), such as webcasts and articles with practical illustrations.
Institute members can subscribe to ICAEW’s International Standards platform for free to access a wide range of resources on auditing and ethics.
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Institute submissions
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The Institute has submitted its comment letter on the International Ethics Standards Board for Accountants (IESBA) Exposure Draft, Proposed Technology-related Revisions to the Code.
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Responding to NOCLAR
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Professional accountants should take a proactive role in responding to non-compliance with laws and regulations (NOCLAR). The Institute has published a video highlighting the relevant NOCLAR requirements in the Code of Ethics for Professional Accountants. A technical article previously published in A Plus also discussed the NOCLAR requirements and response framework that guides professional accountants in responding to NOCLAR or suspected NOCLAR.
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HKICPA resource centre
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Access resources and publications at the Institute’s revamped Resource Centre to Code of Ethics for Professional Accountants which will keep you updated on the latest ethics pronouncements.
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Erkki Liikanen delivers opening remarks at the IFRS Foundation Conference
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Erkki Liikanen, Chair of the IFRS Foundation Trustees, delivered his opening remarks at the IFRS Foundation Conference 2022. He reflected on the changes that have happened since the International Sustainability Standards Board (ISSB) was created in 2021. He also explained the rationale for the formation of the ISSB.
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IFRS Foundation and VRF vote to approve consolidation from 1 July
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The Trustees of the IFRS Foundation and the Board of Directors of the Value Reporting Foundation (VRF) have voted to approve the consolidation of the VRF into the IFRS Foundation, effective 1 July 2022. The consolidation of VRF will entail several organisational arrangements to align with the vision and meet the objectives of the parties that led to their announcing consolidation plans at COP26 in November 2021. These arrangements will inform the work of the IFRS Foundation through the industry-based approach of the Sustainability Accounting Standards Board (SASB) Standards and the Integrated Reporting Framework.
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Two further members were appointed to the ISSB
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The IFRS Foundation Trustees have appointed Jeffrey Hales and Michael Jantzas as members of the ISSB, effective July 2022. Their appointments make the ISSB quorate.
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ISSB and GRI provide an update on ongoing collaboration
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Technical representatives from the ISSB and the Global Reporting Initiative (GRI) met in May 2022 to begin work on delivering the agreed memorandum of understanding (MoU).
The MoU, announced in March, commits the two organisations to seeking to coordinate work programmes and standard-setting activities. The IFRS Foundation and GRI recognise the need to further harmonise the sustainability reporting landscape at an international level. IFRS Sustainability Disclosure Standards and GRI Standards can be viewed as two interconnected reporting pillars that address distinct perspectives, which can together form a comprehensive corporate reporting regime for the disclosure of sustainability information.
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