Standard setting
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Invitation to comment
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The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft ED/2021/10 Supplier Finance Arrangements by 15 February 2022. The proposed amendments to International Accounting Standard 7 Statement of Cash Flows and International Financial Reporting Standard 7 Financial Instruments: Disclosures aim to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities and cash flows.
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Institute submission
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The Institute has submitted its comment letter on the IFRS Interpretations Committee tentative agenda decision Demand Deposits with Restrictions on Use.
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Webinars on financial reporting
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Don’t miss the following webinars in December:
- 14 December: Considerations in performing impairment assessments
- 15 December: IFRS Interpretations Committee Agenda Decisions that are relevant to Hong Kong
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IFRS Interpretations Committee agenda decisions
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The IFRS Interpretations Committee published two agenda decisions:
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IASB November 2021 podcast & updates
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The IASB November podcast, with its chair and vice-chair highlighting the projects discussed during the November meeting, and a summary of the November meeting, are now available.
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Invitation to comment
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Do not miss the opportunity to share your views on International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities by 31 December. Members may be interested in the following resources for the proposed standard:
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Revised standard for agreed-upon procedures engagements
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An article by the International Federation of Accountants (IFAC) highlights key changes to the revised agreed-upon procedures (AUP) standard, which is effective for AUP engagements for which the terms of engagement are agreed on or after 1 January 2022.
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Using automated tools and techniques on audit planning
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The Technology Working Group of the IAASB released non-authoritative support material to help auditors understand how to plan an audit under International Standard on Auditing 300, Planning an Audit of Financial Statements, when using automated tools and techniques.
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Opportunities for assurance on non-financial information
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In the recording of a webinar by CPA Australia, experts discuss views on the areas of assurance that are growing in demand and how auditors can upskill to be able to take advantage of these opportunities.
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ICAEW audit and assurance resources
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The ICAEW has the following materials that may be of interest to members:
- A webinar recording on practical tips to topical issues and areas for improvement in coming audits
- A webinar recording focusing on risk identification and assessment and how this fits into a broader system of quality management required by International Standards of Quality Management
- Audit and Beyond November 2021 for technical articles on key areas of audit focus under the COVID-19 pandemic, new quality management standards etc.
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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Ethics case studies from the Institute
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The Institute has published the second of two case studies in A Plus, developed by the Institute’s Ethics Committee, highlight the importance of scepticism for professional accountants in practice. The first case study published previously covered a situation in business.
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Vision for high-quality sustainability assurance
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The IFAC has published its vision for high-quality assurance of sustainability information. It addresses the importance of global standards, regulation that supports decision-useful disclosure, and the value of an interconnected approach to sustainability and financial information reporting and assurance.
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HKEX publishes net-zero guide for business and announces new ESG data display
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The Hong Kong Exchanges and Clearing Limited (HKEX) has recently published guidance that introduces the essential steps for businesses to develop a pathway to net zero. The HKEX has also introduced a new equities section on its online portal, Sustainable & Green Exchange, that displays environmental, social and governance (ESG) metrics of Hong Kong-listed companies.
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Value Reporting Foundation publishes its Integrated Thinking Principles
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The Value Reporting Foundation has published Integrated Thinking Principles to provide a structured approach for considering how to create the right environment within an organization to introduce integrated thinking, and reviewing what may go wrong.
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