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Technical new in brief March 2023

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

FRC updated approach to supervision

Audit and Assurance | 31 March 2023

The Financial Reporting Council (FRC) updated its Our Approach to Audit Supervision document, outlining how it supervises audit firms. Significant updates include the introduction of a Public Interest Entities Audit Registration, Supervisor Letters and Single Quality Plans.

PCAOB propose modernisation of standards addressing core auditing principles

Audit and Assurance | 28 March 2023

The Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposed new standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit. Deadline for comments is 30 May 2023.

FRC publishes 3-year plan

Audit and Assurance | 27 March 2023

The Financial Reporting Council (FRC) has published its latest 3-year plan outlining its priorities and objectives for the period 2023-2026. This gives a detailed breakdown of intended expenditure for 2023-2024 and a summary of the expected trajectory and overall costs for the following two years.

IASB initiates project to consider climate-related risks in financial statements

Financial Reporting | 23 March 2023

The International Accounting Standards Board (IASB) has added a project to its workplan to explore whether and how companies can provide better information about climate-related risks in their financial statements.

UKEB publishes stakeholder report on accounting for intangibles

Financial Reporting | 22 March 2023

The UK Endorsement Board (UKEB) published a report ‘Accounting for Intangibles: UK Stakeholders’ views’. This report sets out the views of stakeholders on the accounting for intangibles under International Accounting Standards within the context of a wider economic impact of intangibles in the UK.

IASB consultation on IFRS 9 Financial Instruments

Financial Reporting | 21 March 2023

The International Accounting Standards Board (IASB) has published an exposure draft proposing amendments to the classification and measurement requirements in IFRS 9 Financial Instruments. The proposed amendments respond to the feedback received following the review of the classification and measurement requirements in IFRS 9. Deadline for comments is 19 July 2023.

FRC Releases new guidance on Audit Firm Eligibility Criteria

Audit and Assurance | 17 March 2023

The Financial Reporting Council has issued guidance for audit firms on eligibility criteria on the firm’s system of quality management and the performance of engagements. ISQM (UK) 1 and ISQM (UK) 2 has been reissued with updated footnotes to reflect this guidance.

IFRS for SMEs Accounting Standard Update

Financial Reporting | 16 March 2023

The International Financial Reporting standard for SMEs Accountancy Standard Update is a staff summary of news, events and other information, which has not been reviewed by the International Accounting Standards Board (IASB).