Standard setting
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Live webinar on considerations in performing impairment assessments
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This live webinar on 14 December will discuss how to perform an impairment assessment and the related considerations for applying the requirements of Hong Kong Accounting Standard 36 Impairment of Assets and Hong Kong Standard on Auditing 540 (Revised) Auditing Accounting Estimates and Related Disclosures. The speaker will also share tips on reviewing valuation reports and common pitfalls in performing an impairment test.
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Live webinar on IFRS Interpretations Committee agenda decisions that are relevant to Hong Kong
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This live webinar on 15 December will cover several IFRS Interpretations Committee agenda decisions/tentative agenda decisions that may have wider implications in Hong Kong. The speaker will explain how the applicable principles and requirements in the International Financial Reporting Standards apply to specific fact patterns.
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IASB October 2021 podcast and October update
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The International Accounting Standards Board (IASB) October podcast, with its chair and vice-chair highlighting the projects discussed during the October meeting, and a summary of the October meeting, are now available.
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IASB webcast series on Exposure Draft Management Commentary
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A series of bitesize webcasts on Exposure Draft Management Commentary has been produced to address frequently asked questions about the IASB’s proposals for a new framework for preparing management commentary.
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Invitation to comment
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The Institute is seeking comments on International Auditing and Assurance Standards Board (IAASB) Exposure Draft Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (LCEs) by 31 December. Members may be interested in the following regarding the proposed standard for less complex entity audits:
- Take part in the Institute’s survey, which highlights the key attributes of the exposure draft followed by yes/no questions
- An optional response template
- Join the Institute of Chartered Accountants in England and Wales’ (ICAEW) live webinar on 12 November to learn more on the proposed standard
- Follow the IAASB on Linkedin for the next upcoming Linkedin Live LCE session
- A podcast by the ICAEW
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Auditing and Assurance Standards Committee meeting minutes
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Minutes of the meeting held in September is now available.
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Financial Reporting Council reports
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The Financial Reporting Council issued its Annual Investigation and Compliance Report, covering the 18-month period from 1 October 2019 to 31 March 2021. It also published its Interim Inspection Report in the middle of its first 3-year inspection cycle.
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Webinars on auditing and assurance
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Don’t miss the following webinars in November:
- 16 November: Industry update relating to licensed corporations
- 18 November: Industry update relating to investment funds
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Quality management webinar series
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Watch the recording of the IAASB’s webinars that take a deep dive into aspects of the International Standard on Quality Management (ISQM)1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
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IAASB first digital handbook
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The IAASB’s digital handbook of pronouncements is now live on its website. It is designed to meet stakeholders’ needs, allows for quick reference to other standard-setting boards’ standards and related resources.
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Joint report on fraud, going concern and the expectation gap in audit
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A report by the Association of Chartered Certified Accountants, Chartered Accountants Australia and New Zealand, Chartered Professional Accountants of Canada and the Canadian Auditing and Assurance Standards Board examines the auditor’s role in the areas of fraud and going concern and the related expectation gap and identifies recommendations to narrow this gap.
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ICAEW audit and assurance resources
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The ICAEW has the following material that may be of interest to members:
- Watch the recording of ICAEW’s Financial Reporting, Audit and Assurance Conference to explore a wide range of technical topics
- Join the online webinar on 29 November on risk identification and assessment under ISQM 1
- Access to technical articles on fraud and audit; improving audit quality etc. through ICAEW’s Audit and Beyond October 2021
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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Launch of eCode 2.0
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The International Ethics Standards Board for Accountants (IESBA) launched eCode 2.0 using the e-International Standards platform. In addition to providing electronic access to the authoritative standards developed by the IESBA, it provides access to non-authoritative resource materials, including staff-prepared basis for conclusions and questions and answers publications.
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Formation of a new International Sustainability Standards Board and other updates related to sustainability standards development
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At the 2021 United Nations Climate Change Conference (COP26) on 3 November, the IFRS Foundation Trustees announced the formation of a new International Sustainability Standards Board, a commitment to consolidate with the Climate Disclosure Standards Board and the Value Reporting Foundation, and the publication of prototype climate and general disclosure requirements developed by its Technical Readiness Working Group. The speech delivered by Erkki Liikanen, Chair of the trustees and a recording of a panel discussion from COP26 on this topic are now available.
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Live webinar: Sustainability offers new opportunities for SMPs
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This free live webinar, co-hosted by the European Federation of Accountants and Auditors for SMEs and the International Federation of Accountants, will cover recent developments focused on SMPs and SMEs and involve a distinguished panel covering how SMPs can get started, and examples of those taking action in sustainability.
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ICAEW sustainability articles
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The ICAEW has the following articles that may be of interest to members:
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