Standard setting
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Invitation to comment
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The Institute is seeking comments on the following tentative agenda decisions published by the IFRS Interpretations Committee by 25 April:
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Institute submissions
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The Institute has submitted its comment letters on the following International Accounting Standards Board (IASB) consultation documents:
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Live webinar: Practical implementation issues on core aspects of HKFRS 17
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In this live webinar on 27 May, speakers will provide a high-level understanding of practical challenges faced by entities when implementing HKFRS 17. The webinar will provide insights on identifying these challenges and ways in which these challenges should be approached.
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IASB March 2022 Update
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The IASB has published a summary of discussions at its March meeting. Topics discussed include primary financial statements, financial instruments with characteristics of equity, post-implementation review of IFRS 9 – classification and measurement, and business combinations under common control.
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IFRS Interpretations Committee March Update and agenda decision
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The Interpretations Committee Update provides a summary of discussions at its March meeting. It has also published its agenda decision on TLTRO III Transactions (IFRS 9 Financial Instruments and IAS 20 Accounting for Government Grants and Disclosure of Government Assistance).
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Live virtual workshops: New quality management standards series
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Join the series in April to learn the key requirements, applications and illustrated examples on how small and medium practitioners can meet the requirements of the new quality management standards.
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IAASB March board meeting
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The meeting summary of the International Auditing and Assurance Standards Board (IAASB) quarterly board meeting is now available.
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IAASB digital technology market scan
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The third market scan from the IAASB's Disruptive Technology team, titled Artificial Intelligence – A Primer is now available. It provides a high-level primer on artificial intelligence as it is one of the most significant and potentially disruptive technologies in audit and assurance. Previous digital technology market scans released by the IAASB’s Disruptive Technology team covered topics on data standardization and API access.
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Auditing accounting estimate implementation tool
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The International Federation of Accountants (IFAC) released a new Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool to help auditors implement the International Auditing and Assurance Standards Board’s International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures by providing an overview of steps practitioners could take and related considerations.
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ICAEW audit and assurance resources
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The Institute of Chartered Accountants in England and Wales (ICAEW) publication Audit and Beyond March 2022 explores areas around fraud, audit quality, ISA 315 (Revised) etc. to offer tips for tackling these areas in practice.
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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Invitation to comment
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The Institute is seeking comments on the following International Ethics Standards Board for Accountants’ (IESBA) Exposure Drafts:
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Revised non-assurance services and fee-related provisions of the Code of Ethics for Professional Accountants
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Register for the e-learning session which covers specific provisions of the revised non-assurance services (NAS) and fee-related independence standards of the Code. 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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Invitation to comment
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The Institute is seeking comments on the following International Sustainability Standards Board (ISSB) exposure drafts by 13 June:
- IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
- IFRS S2 Climate-related Disclosures
The exposure drafts have been developed in response to requests from G20 leaders, the International Organization of Securities Commissions and others for enhanced information from companies on sustainability-related risks and opportunities. When the ISSB issues the final requirements, they will form a comprehensive global baseline of sustainability disclosures designed to meet the information needs of investors in assessing enterprise value.
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IFRS Foundation and GRI to align capital market and multi-stakeholder standards to create an interconnected approach for sustainability disclosures
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On 24 March, the IFRS Foundation and Global Reporting Initiative (GRI) announced a collaboration agreement under which their respective standard-setting boards, ISSB and the Global Sustainability Standards Board, will seek to coordinate their work programmes and standard-setting activities.
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ISSB communicates plans to build on SASB’s industry-based Standards and leverage SASB’s industry-based approach to standards development
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On 31 March, the ISSB Chair and Vice-Chair communicated plans for building upon the SASB Standards and for embedding SASB’s industry-based standards development approach into the ISSB’s standards development process. As the IFRS Foundation Trustees committed when launching the ISSB, it will build on the work of existing investor-focused reporting initiatives to become the global standard-setter for sustainability disclosures for the financial markets.
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