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Technical new in brief February 2022

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

New IFAC digital platform

Financial Reporting | 28 February 2022

The International Federation of Accountants (IFAC) has launched a new digital platform, Pathways to Accrual, to assist governments and public sector entities in transitioning from cash to accrual accounting.

Key audit partners for local audit

Audit and Assurance | 28 February 2022

The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit, in response to the 2019 Redmond Review. The deadline for comments is 28 March 2022.

Embracing the Wates Principles

Financial Reporting | 23 February 2022

The Financial Reporting Council (FRC) has issued an in-depth assessment of the quality of reporting from private companies choosing to follow the Wates Principles.

Technology-related revisions to the Code

Ethics | 18 February 2022

The International Ethics Standards Board for Accountants (IESBA) has released the Exposure Draft Proposed Technology-related Revisions to the Code, to enhance the Code’s robustness and relevance given the rapid advancements in technology. The deadline for comments is 20 June 2022.

New quality management implementation guide

Audit and Assurance | 17 February 2022

The International Auditing and Assurance Standards Board (IAASB) has released the First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements, to help stakeholders understand and implement the requirements of the standard.

IFRS Accounting Taxonomy Update

Financial Reporting | 15 February 2022

The International Accounting Standards Board (IASB) has issued an update to the IFRS Accounting Taxonomy 2021 for Disclosure of Accounting Policies and Definition of Accounting Estimates.

Auditor climate reporting responsibilities under ISA (UK) 720

Audit and Assurance | 14 February 2022

The Financial Reporting Council (FRC) has published a new FRC Staff Guidance, Auditor responsibilities under ISA (UK) 720 in respect of climate related reporting by companies required by the Financial Conduct Authority.

Sustainability reporting

Financial Reporting | 9 February 2022

The Financial Reporting Council (FRC) has outlined its initial thoughts to the International Sustainability Standards Board (ISSB) on the sustainability disclosure prototypes published by the Technical Readiness Working Group.

IPSASB proposes limited scope updates to Conceptual Framework

Financial Reporting | 1 February 2022

The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft 81, Conceptual Framework Update: Chapter 3, Qualitative Characteristics and Chapter 5, Elements in Financial Statements. The deadline for comments is 31 May 2022.