Recent Standards Updates

Recent Standards Updates

A number of standards updates and resources, including decision summaries and Exposure Drafts, have recently been released that may be of interest to Alberta CPAs:

 

AASB Decision Summary – April 20, 2020

The Board discussed the implications of COVID-19 on its 2020-2021 Annual Plan activities. It also approved an exposure draft of Canadian Auditing Standard (CAS) 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). Read the Decision Summary for full details.

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AASB Exposure Draft – Audits of Group Financial Statements (Including the Work of Component Auditors)

The AASB issued an Exposure Draft proposing the adoption of ISA 600 (Revised), with appropriate Canadian amendments. Stakeholders are invited to comment until September 11, 2020. For full details, visit the Document for Comment page.

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Basis for Conclusions – Identifying and Assessing the Risks of Material Misstatement

This document summarizes the process the AASB followed in revising CAS 315, Identifying and Assessing the Risks of Material Misstatement. Read the Basis for Conclusions for full details.

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ISA 315 Key Revisions Explained

This Introduction provides an overview of the changes the IAASB made to ISA 315, Identifying and Assessing the Risks of Material Misstatement, and related conforming and consequential amendments.

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