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Technical new in brief January 2023

ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

IAASB opens public consultation on less complex group audits

Audit and Assurance | 24 January 2023

The International Auditing and Assurance Standards Board (IAASB) opened the public consultation for a group audit-specific section of the proposed auditing standard for less complex entities (LCEs). The exposure draft is open for public comment until 2 May 2023.

IPSASB seeks comments on concessionary leases proposal for the public sector

Financial Reporting | 17 January 2023

The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft 84, Concessionary Leases and Right-of-Use Assets In-Kind, for comments by 17 May 2023. The ED is the second phase of the IPSASB’s leases project.

IAASB Digital Technology Market Scan: Robotic Process Automation

Audit and Assurance | 12 January 2023

The International Auditing and Assurance Standards Board’s (IAASB) Disruptive Technology Team has released their sixth market scan exploring Robotic Process Automation. This covers what is robotic process automation and why is it important, the latest developments and what this might mean for the IAASB.

UKEB publishes DECA on IFRS 16

Financial Reporting | 5 January 2023

The UK Endorsement Board (UKEB) published a Draft Endorsement Criteria Assessment (DECA) on Lease Liability in a Sale and Leaseback – amendments to IFRS 16, issued by the International Accounting Standards Board (IASB) in September 2022. UKEB invites stakeholders’ views on potential UK adoption and the prevalence in the UK of sale and leaseback transactions. Comment period closes on 27 January 2023.