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Standard setting
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IFRS Foundation Conference 2022: a summary
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The IFRS Foundation published a summary of the various discussions held at its conference in June 2022. The event, which was held across two days, focused on sustainability and accounting matters respectively.
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IASB June 2022 podcast & update
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The International Accounting Standards Board (IASB) podcast, with its chair and executive technical director highlighting the projects discussed during its June meeting, and a summary of the June meeting, are now available.
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Invitation to comment
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The Institute is seeking comments on the following:
- The International Auditing and Assurance Standards Board (IAASB) released an Exposure Draft on proposed narrow scope amendments to International Standard on Auditing (ISA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. The proposed amendments will help operationalize recently approved changes to the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) related to listed and public interest entities. The changes to the Code require firms to publicly disclose when the independence requirements for public interest entities have been applied in an audit of financial statements.
The Institute is seeking comments on the IAASB Exposure Daft on the proposed narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) by 4 September.
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The Institute’s Auditing and Assurance Standards Committee meeting minutes
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Minutes of the 400th meeting is now available.
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The fast future with IFAC
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The new podcast series by the International Federation of Accountants (IFAC) features innovative small firm practitioners (SMPs) sharing how they’re adapting to the rapidly changing global economy. The first three episodes are about technology, the covid pandemic, advisory services, and recruiting & hiring; value pricing, subscription models, client relationships, and attracting and retaining talent; and technology investments, cybersecurity, mental health, and workplace culture.
For more thought leadership, articles, case studies, and other resources – including the road map to the future for SMPs – visit the IFAC’s dedicated practice transformation page.
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Assurance in the digital age
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In this article, the IAASB recognizes the ever-growing availability of data combined with emerging technologies as one of it’s most relevant strategic drivers influencing auditing and assurance standards and future activities. In it’s ongoing projects relating to audit evidence, fraud, and going concern, the IAASB will account for the impact of new technologies, which will include considering whether the use of the technology will become the norm in fulfilling audit and assurance requirements and how that will impact the thinking on the scalability of the auditing and assurance standards.
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IAASB eNews
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The IAASB July 2022 eNews is now available. It highlights various activities going on in and around the IAASB.
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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:
- The podcast, What are the issues with tackling fraud? highlights the common types of fraud, the challenges of trying to combat it, the red flags that accountants might come across, and how professionals should respond.
- Resources to help audit firms prepare for the new and revised quality management standards.
- 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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IAASB June board meeting
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The meeting summary of the IAASB June board meeting is now available.
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HKICPA resource centre
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Access resources and publications at the Institute’s revamped Resource Centre to the Code which will keep you updated on the latest ethics pronouncements.
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The Institute’s Ethics Committee meeting minutes
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Minutes of the 250th meeting is now available.
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IESBA staff Q&A: Revised non-assurance services provisions of the Code
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This Questions and Answers (Q&A) publication by the IESBA explain key revisions to the non-assurance services (NAS) provisions of the Code. It complements the Basis for Conclusions for the final NAS pronouncement and is intended to assist stakeholders to better understand the new requirements and guidance which are effective for audits of financial statements for periods beginning on or after 15 December 2022.
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Navigating the Reporting Landscape guide of the Accounting for Sustainability
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The Accounting for Sustainability has updated its Navigating the Reporting Landscape guide, which offers a brief introduction to the changing corporate reporting landscape and summarizes the latest developments in sustainability reporting. Please refer to its website for the updated edition.
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IFRS Foundation launches Montreal ISSB centre supported by key actions
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The IFRS Foundation announced a package of key actions, including an agreement to obtain the financial support of the Government of Canada and the Government of Quebec, to help fully establish the International Sustainability Standards Board (ISSB) within the Canadian sustainability ecosystem. This follows the announcement at the November 2021 COP26 climate conference that the ISSB would establish a Montreal centre as part of a multilocation approach.
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ISSB to hold inaugural meeting in Frankfurt on 20 and 21 July
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The ISSB will hold its first board meeting on 20 - 21 July in Frankfurt, reaching an important milestone since its creation announced at COP26 in November 2021. At the July meeting, the ISSB will begin its discussions on its future priorities and on feedback from stakeholders on the two proposed IFRS Sustainability Disclosure Standards, which are out for public consultation until 29 July.
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Consolidation with VRF expected to complete 1 August
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The IFRS Foundation Trustees and Value Reporting Foundation (VRF) Board have announced an updated expected target date for the consolidation of the VRF into the IFRS Foundation as 1 August, to finalise the remaining procedures necessary to complete the legal consolidation.
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