- news
- News Digest
IAASB issues guidance on disclosures
Revisions are designed to create consistency in application.
Please note: This item is from our archives and was published in 2015. It is provided for historical reference. The content may be out of date and links may no longer function.
Related
New: Digital assets practice aid addresses auditing of lending, borrowing
PCAOB postpones effective date for new quality control system
A&A Focus recap: M&A trends, non-GAAP frameworks, and how quality management and peer review intersect
TOPICS
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.
