The IASB opened a consultation to receive feedback on its proposed update to the IFRS Accounting Taxonomy 2024 to reflect new and amended standards, a news release said.
According to the release, changes that informed the update include:
- IFRS 19, Subsidiaries Without Public Accountability: Disclosures, issued in May;
- Amendments to the Classification and Measurement of Financial Instruments, which amended IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, issued in May 2024; and
- Annual Improvements to IFRS Accounting Standards — Volume 11, issued in July.
The proposed update includes changes to the taxonomy to reflect new and amended disclosure requirements introduced in the standards, the release said. The comment deadline is 28 October.
Comments can be submitted online, through an online survey, or by email to commentletters@ifrs.org.
Guidance on applying ISA for LCE
To guide the application of the International Standard on Auditing (ISA) for audits of financial statements of less complex entities, known as the ISA for LCE, the International Auditing and Assurance Standards Board (IAASB) issued guidance to help users determine when to use the standard, a news release said.
The guidance does not amend or override the ISA for LCE, the text of which alone is authoritative, the release said, and reading the guidance is not a substitute for reading the ISA.
“The guidance will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement,” the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
