News and Publications

IASB decides on further potential amendments to IFRS 17

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At its meeting currently held in London, the IASB discussed IFRS 17 'Insurance Contracts' and 5 of the 25 concerns regarding the standard that were identified in October 2018 as candidates for potential amendments.
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Enabling the Accountant’s Role in Effective Enterprise Risk Management

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Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are outward-looking and provide valuable insights…
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AAOIFI issues two new financial accounting standards

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The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued financial accounting standard (FAS) 33 'Investments in Sukuk, Shares and Similar Instruments' and FAS 34 'Financial Reporting for Sukuk-holders'.
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Additional educational module on the IFRS for SMEs on accounting policies, estimates and errors

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The IFRS Foundation has issued an additional new stand-alone educational module, which supports the learning, application, and reading of financial statements prepared with the IFRS for SMEs Standard.
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IASB finalises amendments to IAS 1 and IAS 8 regarding the definition of materiality

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The International Accounting Standards Board (IASB) has issued 'Definition of Material (Amendments to IAS 1 and IAS 8)' to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves.
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ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures

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The IAASB revised its standard on accounting estimates, ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, to respond to the rapidly evolving business environment. The revision ensures that the standard continues to keep pace with the changing market and fosters a more independent and challenging skeptical mindset in auditors. ISA 540 (Revised) becomes effective…
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Professional Skepticism Lies at the Heart of a Quality Audit

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As part of the IAASB’s focus on professional skepticism, this publication provides an update on the IAASB’s efforts to appropriately reflect professional skepticism in its recently-issued, and soon-to-be-issued, standards and exposure drafts. It also includes other relevant news and information, and recent activities of the IESBA and IAESB, related to professional skepticism.
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