IAASB issues guidance on disclosures

Revisions are designed to create consistency in application.

The International Auditing and Assurance Standards Board (IAASB) issued revised international auditing standards designed to sharpen auditors' focus on disclosures and to drive consistency in applying the standards.

The revisions are called the International Standards on Auditing, Addressing Disclosures in the Audit of Financial Statements.

The standards have an accompanying publication that describes financial reporting disclosure trends and possible implications from an audit perspective. The publication is "intended to help the consistent, effective, and proper application of the ISAs when addressing disclosures as part of an audit of financial statements, and may be particularly relevant to small and medium practices implementing the changes to the ISAs," according to a news release.

The revisions cover changes to 10 ISAs, and conforming amendments to five other ISAs. The revisions will be effective for audits of financial statements for periods ending on or after Dec. 15, 2016, the same effective date for new and revised standards related to ISA 720 (Revised), The Auditor's Responsibilities Relating to Other Information.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.