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.