Audit and Assurance
IAASB: What you need to know about ISSA 5000
14 August 2023
The International Auditing and Assurance Standards Board (IAASB) has released a short video summarizing the international Standard on Sustainability Assurance (ISSA) 5000.
IAASB launches consultation on Global Sustainability Assurance Standard
2 August 2023
The International Auditing and Assurance Standards Board (IAASB) issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. It focuses on sustainability reporting and when approved will be the most comprehensive sustainability assurance standard available to all assurance practitioners globally. Deadline for comment 1 December 2023.
PCAOB issue report showing an increase in deficiencies at audit firms
25 August 2023
The Public Company Accounting Oversight Board (PCAOB) issued a staff report which shows a year on year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022. According to the report PCAOB staff expect approximately 40% of the audits reviewed to have one or more deficiencies, up from 24% in 2021 and 29% in 2020.
PCAOB launches new tool to help users find and compare inspection report data
19 August 2023
The Public Company Accounting Oversight Board (PCAOB) launched a new tool which will allow investors, audit committee members and other stakeholders to better access and understand data from PCAOB inspection reports, using six new search filters.
Financial Reporting
IASB set out requirements for when a currency is not exchangeable
15 August 2023
The International Accounting Standards Board (IASB) has issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates that will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. The amendments will become effective for annual reporting periods beginning on or after 1 January 2025, with early application permitted.
ISSB consults on proposed digital taxonomy to improve comparability of sustainability information
27July 2023
The International Sustainability Standards Board (ISSB) has published the Proposed IFRS Sustainability Disclosure Taxonomy for public comment. The proposals reflect the disclosure requirements in the ISSB’s first two standards, IFRS S1 and IFRS S2. Deadline for comment 26 September 2023.
IASB completes technical work on two new IFRS accounting standards
26 July 2023
The International Accounting Standards Board (IASB) concluded its decision making on two projects – the final steps before drafting and balloting two new IFRS accounting standards. The IASB expects to issue the new accounting standards in the first half of 2024. The first new accounting standard will result in companies reporting more consistently and transparently on their financial performance, the second will reduce disclosure requirements for subsidiaries that are not traded on a public market.
IFRS Foundation publishes a comparison of IFRS S2 and TCFD
24 July 2023
The IFRS Foundation published a comparison of the requirements in IFRS S2 Climate-related Disclosures and the TCFD recommendations. The requirements of IFRS S2 are consistent with the four core recommendations and eleven recommended disclosures published by the TCFD.