IAASB proposes amendments related to IESBA standards on external experts

Also, the ISSB publishes an exposure draft on targeted amendments to climate standard to facilitate companies’ application of the standard.

A public consultation on proposed narrow-scope amendments from the International Auditing and Assurance Standards Board (IAASB) responds to the International Ethics Standards Board for Accountants’ (IESBA’s) recent revisions to the Code of Ethics.

The proposed amendments relate to standards on using the work of an external expert and aim to maintain interoperability between the IAASB standards and IESBA’s Code of Ethics, a news release said.

According to the release, the amendments focus on these IAASB standards:

  • International Standard on Auditing 620, Using the Work of an Auditor’s Expert;
  • International Standard on Review Engagements 2400 (revised), Engagements to Review Historical Financial Statements;
  • International Standard on Assurance Engagements 3000 (revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information; and
  • International Standard on Related Services 4400 (revised), Agreed-Upon Procedures Engagements.

Stakeholders are invited to provide feedback on the proposed amendments by 24 July. Comments can be submitted online.

ISSB proposes targeted amendments to climate disclosure standard

In response to market feedback, the International Sustainability Standards Board (ISSB) published an exposure draft proposing targeted amendments to IFRS S2, Climate-Related Disclosures.

The proposed amendments look to provide relief to companies by easing the application of requirements related to the disclosure of greenhouse gas (GHG) emissions, a news release said. They are not focused on making reductions in GHG emission disclosures but aim to make it easier for companies to apply the standards while retaining decision-useful information for investors.

Alongside the exposure draft, the ISSB published its Basis for Conclusions to summarise the board’s considerations for the proposed amendments.

The draft is open for comment until 27 June. Comments can be submitted online through a survey or comment letter.

FRC unveils digital reporting insights

The UK Financial Reporting Council (FRC) highlighted key areas for improvement in how UK listed companies present their digital annual reports, in its annual review report on structured digital reporting.

The report reveals that while “basic errors identified in previous years have been resolved”, companies still face challenges with more complex aspects of digital reporting, a news release said.

“The report provides guidance for companies to address persistent challenges, including inappropriate use of custom tags, misapplication of tags from irrelevant accounting standards, and design issues affecting the usability of digital reports,” 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.

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