Standard setting |
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Invitation to comment |
The Institute is seeking comments on the International Accounting Standards Board (IASB) Exposure Draft ED/2021/4 Lack of Exchangeability by 30 July. |
Webinar on common application issues of HKFRS 3 Business Combinations |
Join the live webinar on 11 June focusing on some commonly seen arrangements in business combination transactions and how to apply HKFRS 3 Business Combinations, and other relevant standards. It will also illustrate some common application issues of applying the standard through case studies. |
Webinar on common application issues of AG 5 Merger Accounting for Common Control Combinations |
This webinar on 21 June will discuss common application issues of Accounting Guideline 5 Merger Accounting for Common Control Combinations and what constitutes a business combination under common control (BCUCC). The IASB Discussion Paper on BCUCC will also be covered. |
March 2021 IFRS for SMEs update |
The March 2021 IFRS for SMEs Update newsletter, providing a summary of news, events, and other information about the IFRS for SMEs standard and related SME activities, is now available. |
IASB investor perspective article |
Issue 23 of the IASB Investor Update is now available and provides a brief overview of the proposals of the IASB Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities. The update also discusses how investors may find the new information useful in analysing the financial performance of rate-regulated companies. Members can submit their comments on the exposure draft to the Institute by 30 June. |
IFRS Interpretations Committee agenda decision |
The IFRS Interpretations Committee published an agenda decision on IAS 38 Intangible Assets covering the configuration or customization costs in a cloud computing arrangement. The committee’s website contains all agenda decisions. |
Recording of IASB virtual workshop on the post-implementation review of IFRS 10, IFRS 11, and IFRS 12 |
A recording is now available of the virtual workshop held by the staff of the IASB in conjunction with the European Accounting Association and the European Financial Reporting Advisory Group on the Request for Information Post-implementation Review of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. The review seeks feedback on applying these three standards and on the information provided to users of financial statements. |
IASB webcast in Putonghua on Discussion Paper Business Combinations under Common Control |
The IASB has published a webcast in Putonghua on the IASB Discussion Paper DP/2020/2 Business Combinations under Common Control, which explains the IASB’s preliminary views on how to reduce diversity in practice and improve the transparency and comparability in reporting business combinations under common control. Members can submit their comments on the paper to the Institute by 5 July. |
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Auditing and Assurance Standards Committee meeting minutes |
Minutes of the 390th meeting held in March is now available. |
Resource centre on quality management standards |
Visit the Institute’s resource centre on the new and revised quality management standards for pronouncements, guides and articles relating to quality management for firms and engagements. |
IAASB Public Report |
The International Auditing and Assurance Standards Board (IAASB) Public Report details its progress to support the public interest between July 2019 and December 2020 and how it responded to the global pandemic by issuing guidance and engaging with a broad range of stakeholders in order to sustain trust in audit and assurance. |
Artificial intelligence and automation’s impact on audit |
- A publication prepared by the Chartered Professional Accountants of Canada (CPA Canada) and the American Institute of CPAs (AICPA) explores the benefits of an artificial intelligence (AI) enabled audit and how AI evolves the audit and the role of the auditor
- A CPA Canada article discusses opportunities and examples for using automation and analytics at every stage of the auditing process
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IESBA’s technology initiative update |
IESBA released an update on its progress made on technology initiative, next steps and timing. It also recognized the increased burdens stakeholders have shouldered as a result of the pandemic. |