Comment Deadlines Nearing for Certain Clarified Exposure Drafts


The Auditing Standards Board recently issued additional Proposed Statements on Auditing Standards resulting from its clarity project, through which all of its auditing standards will be redrafted over the next one to two years. 

 

The goal of the clarity project is to make auditing standards easier to read, understand and apply. Consistent with the ASB’s strategy to converge its standards with those of the International Auditing and Assurance Standards Board, each proposed standard has been redrafted using the corresponding International Standards on Auditing as the basis.

 

The following exposure drafts are open for comment and contain details on proposed changes or expansions to the current standards:

 

 

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.