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Technical new in brief September 2023

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

PCAOB adopts new standard: auditor’s use of confirmation 

Audit and Assurance | 28 September 2023 

The Public Company Accounting Oversight Board (PCAOB) has adopted a new standard to strengthen and modernize the requirements for the auditor’s use of confirmation. The new standard will apply to all audits conducted under PCAOB standards for audits of financial statements for fiscal years ending on or after 15 June 2025. 

FRC issues FRED 84 Draft amendments 

Financial Reporting | 28 September 2023 

The Financial Reporting Council (FRC) has issued FRED 84 Draft amendments to FRS 102 The Financial Reporting Standard – Supplier finance arrangements for comment. FRED 84 is based on amendments issued by the IASB in May 2023 and proposes new disclosure requirements about an entity’s use of supplier finance arrangements. Deadline for comment 31 December 2023.  

UK and New Zealand audit authorities agree mutual recognition of audit qualifications 

Audit and Assurance | 27 September 2023 

The Memorandum of Understanding on Reciprocal Arrangements (MOURA) was signed by the UK’s Financial Reporting Council (FRC) and the New Zealand Financial Markets Authority (FMA). The agreement, which is the first of its kind, recognizes audit qualifications in both the UK and NZ so that auditors can more easily work in both countries.  

IESBA Handbook 2023 Edition 

Audit and Assurance | 21 September 2023 

The International Ethics Standards Board for Accountants (IESBA) today released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2022 edition. 

IASB proposes annual improvements to IFRS Accounting Standards

Financial Reporting | 12 September 2023

The International Accounting Standards Board (IASB) has proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards. The deadline for comment is 11 December 2023.

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