IAASB issues revised standards addressing disclosures

International Federation of Accountants
     IAASB issues revised standards addressing disclosures in financial statements
     Publication on integrated reporting released

International Federation of Accountants IAASB issues revised standards addressing disclosures in financial statements

The International Auditing and Assurance Standards Board (IAASB) issued its revised International Standards on Auditing (ISAs), Addressing Disclosures in the Audit of Financial Statements – Revised ISAs and Related Conforming Amendments. The goal of the revised standards is an increased focus on financial statement disclosures throughout the audit process and greater consistency in auditor behavior in applying the requirements of the ISAs. The revisions will be effective for audits of financial statements for periods ending on or after December 15, 2016.

In addition, the IAASB staff has also developed a publication for auditors, “Addressing Disclosures in the Audit of Financial Statements,” which describes financial reporting disclosure trends and their possible implications from an audit perspective. The publication also highlights how the ISAs, as revised, guide the auditor in addressing financial statement disclosures. This publication is intended to help auditors consistently, effectively, and properly apply the ISAs when addressing disclosures as part of an audit of financial statements. For more information, see the staff-prepared “At a Glance” document.

Publication on integrated reporting released

The IAASB’s Integrated Reporting Working Group (IRWG) issued a publication, “Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting,” to keep stakeholders informed about the IAASB’s ongoing work in this area of assurance and other emerging developments in external reporting. It also explains that the IRWG was established to inform the IAASB on how and when to best respond to emerging developments in the public interest.

The release of the publication coincides with the issuance of the International Integrated Reporting Council’s (IIRC) “Overview of Feedback and Call for Action,” which summarizes the significant issues emerging from the IIRC’s debate about trust and credibility with respect to integrated reporting and identifies steps to ensure that the debate continues to progress in a productive manner.

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