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Technical Updates November 2018
Our round-up of regulatory news.
The International Auditing and Assurance Standards Board (IAASB) has published its first update to stakeholders highlighting the IAASB’s efforts to appropriately reflect professional scepticism in its standards. It also includes other relevant news and information and recent activities of the International Ethics standards Board for Accountants (IESBA) and the International Accounting Education Standards Board (IAESB) related to professional scepticism.
The International Accounting Standards Board has issued amendments to its definition of material to make it easier for companies to make materiality judgements. The updated definition amends IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments are a response to findings that some companies experienced difficulties using the old definition when judging whether information was material for inclusion in the financial statements.