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  1. All stakeholders are invited to register and participate. The IESBA invites you to join a 45-minute webinar on Monday, April 20, 2020 at 4pm EDT to hear about its initiative on exploring the ethics implications arising from the transformative effects of technological trends and developments on the accounting, assurance, and finance functions. During the webinar, the IESBA’s Technology Task Force Chair, Brian Friedrich, will outline the background to the initiative and explain the key findings and recommendations in the IESBA’s Technology Working Group’s Phase 1 Report. Don’t miss out on this wonderful opportunity to learn about the IESBA’s work in this strategic area for the global accountancy profession. This webinar will be recorded. If you are interested in joining but unable to attend, please register and a link to the recording will be provided. Click the link below to register: Monday April 20, 2020 at 4pm Eastern If you have any questions, please email Astu Tilahun at astu@ethicsboard.org. أضغط على الرابط لزيارة موقع الخبر
  2. The COVID-19 pandemic is a global health and humanitarian crisis. Beyond the significant challenges that lay ahead in all facets of life, the pandemic has the potential to significantly impact the way that audits are undertaken. The IAASB has created a COVID-19 web page to help our stakeholders, and the larger accounting community, navigate some of the challenges ahead. Click HERE to learn more. أضغط على الرابط لزيارة موقع الخبر
  3. Watch the March 17, 2020 IESBA webinar highlighting key aspects of the Board’s January 2020 Exposure Draft: Proposed Revisions to the Non-Assurance Services Provisions of the Code. The presenter, IESBA Deputy Chair and NAS Task Force Chair, Richard Fleck explained that the proposed revisions to the Code’s non-assurance services (NAS) provisions are intended to strengthen auditor independence, especially for audits of public interest entities (PIEs). He then provided an overview of the proposed revisions, including: A prohibition on providing NAS to an audit client that is a PIE if a self-review threat to independence will be created; Further tightening of the circumstances in which materiality may be considered in determining the permissibility of a NAS; Strengthened provisions regarding auditor communication with those charged with governance (TCWG), including, for PIEs, a requirement for NAS pre-approval by TCWG; and Stricter requirements regarding the provision of some NAS, including certain tax and corporate finance advice. Comments on the NAS Exposure Draft are due by May 4, 2020. أضغط على الرابط لزيارة موقع الخبر
  4. Watch the March 19, 2020 IESBA webinar highlighting key aspects of the Board’s January 2020 Exposure Draft: Proposed Revisions to the Fee-Related Provisions of the Code. The presenter, IESBA Member and Fees Task Force Chair, Ian McPhee explained that the proposed revisions to the Code’s fee-related provisions are intended to strengthen auditor independence, especially for audits of public interest entities (PIEs). He then provided an overview of the proposed revisions, including: A prohibition on firms allowing the audit fee to be influenced by the provision of services other than audit to the audit client. Enhanced guidance for identifying, evaluating and addressing threats to independence in relation to other fee-related matters, including the proportion of fees for services other than audit to the audit fee. In the case of audit clients that are PIEs: A requirement to cease to act as auditor if fee dependency on the audit client continues beyond a specified period. A requirement to communicate fee-related information to TCWG, and to the public to assist their judgments about auditor independence. Comments on the Fees Exposure Draft are due by May 4, 2020. أضغط على الرابط لزيارة موقع الخبر
  5. Watch the March 17, 2020 IESBA webinar highlighting key aspects of the Board’s January 2020 Exposure Draft: Proposed Revisions to the Non-Assurance Services Provisions of the Code. The presenter, IESBA Deputy Chair and NAS Task Force Chair, Richard Fleck explained that the proposed revisions to the Code’s non-assurance services (NAS) provisions are intended to strengthen auditor independence, especially for audits of public interest entities (PIEs). He then provided an overview of the proposed revisions, including: A prohibition on providing NAS to an audit client that is a PIE if a self-review threat to independence will be created; Further tightening of the circumstances in which materiality may be considered in determining the permissibility of a NAS; Strengthened provisions regarding auditor communication with those charged with governance (TCWG), including, for PIEs, a requirement for NAS pre-approval by TCWG; and Stricter requirements regarding the provision of some NAS, including certain tax and corporate finance advice. Comments on the NAS Exposure Draft are due by May 4, 2020. أضغط على الرابط لزيارة موقع الخبر
  6. Watch the March 19, 2020 IESBA webinar highlighting key aspects of the Board’s January 2020 Exposure Draft: Proposed Revisions to the Fee-Related Provisions of the Code. The presenter, IESBA Member and Fees Task Force Chair, Ian McPhee explained that the proposed revisions to the Code’s fee-related provisions are intended to strengthen auditor independence, especially for audits of public interest entities (PIEs). He then provided an overview of the proposed revisions, including: A prohibition on firms allowing the audit fee to be influenced by the provision of services other than audit to the audit client. Enhanced guidance for identifying, evaluating and addressing threats to independence in relation to other fee-related matters, including the proportion of fees for services other than audit to the audit fee. In the case of audit clients that are PIEs: A requirement to cease to act as auditor if fee dependency on the audit client continues beyond a specified period. A requirement to communicate fee-related information to TCWG, and to the public to assist their judgments about auditor independence. Comments on the Fees Exposure Draft are due by May 4, 2020. أضغط على الرابط لزيارة موقع الخبر
  7. The IPSASB held its first meeting of 2020 from March 10-13, 2020 at the IFAC offices in New York, USA. Infrastructure Assets The IPSASB decided that infrastructure assets are a subset of property, plant and equipment and considered the characteristics which differentiate them. The IPSASB will agree the infrastructure assets characteristics after analyzing the remaining issues. The IPSASB also considered the issues of depreciation, spare parts and dismantling costs. The IPSASB will continue these discussions at its June meeting. Access Presentation >> Heritage The IPSASB considered whether heritage items are resources and controlled for financial reporting purposes. The IPSASB decided that tangible heritage items are assets when they meet the definition of property, plant and equipment and concluded they should be depreciated and tested for impairment, except under certain specific circumstances. Revised guidance related to these issues will be developed for the IPSASB’s consideration at its June meeting. Access Presentation >> Measurement The IPSASB reviewed the responses to the Measurement Consultation Paper. The IPSASB agreed that the existing accounting policy choice in IPSAS 5, Borrowing Costs, which allows borrowing costs that are directly attributed to qualifying assets to be either expensed as incurred or capitalized, should be retained. Additional guidance will be developed for the IPSASB’s consideration at its June meeting. The IPSASB identified several themes in its review of the responses and will further address these during its June and September meetings. Access Presentation >> Conceptual Framework - Limited Scope Update The IPSASB approved a project brief on the Limited Scope Update of the Conceptual Framework (the Framework) subject to minor drafting and editorial changes. The project addresses specified issues identified from the IPSASB’s experience in using the Framework, as well as considering relevant developments in the finalized Conceptual Framework of the International Accounting Standards Board, which was published in March 2018. It is not an extensive review. Access Presentation >> Natural Resources The IPSASB approved a project brief on Natural Resources subject to minor drafting and editorial changes. The first part of this project will develop a comprehensive consultation paper covering the recognition, measurement, and disclosure of subsoil resources, living resources and water. Access Presentation >> Leases The IPSASB decided to continue the project in phases, firstly, by developing an ED based on IFRS 16, followed by a second phase addressing the accounting for concessionary leases, which is a prevalent public sector issue. The IPSASB also agreed that the exposure draft based on IFRS 16 should request constituent input on concessionary leases to help with the second phase of the project. Access Presentation >> Accounting for Non-Current Assets Held for Sale and Discontinued Operations in the Public Sector The Board reviewed a proposal for a project to align with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. The IPSASB agreed that the project should proceed and identified public sector issues for further consideration. The IPSASB also recommended that the project be discussed with the Consultative Advisory Group at its June 2020 meeting. It will then be discussed with the IPSASB at its June 2020 meeting. Access Presentation >> Meeting Podcast A podcast highlighting key points of the March 2020 meeting is now available here. Next Meeting The next meeting of the IPSASB will be in Toronto, Canada from June 23-26, 2020 with the Consultative Advisory Group Meeting on June 22, 2020. For more information, or to register as an observer, visit the IPSASB website. أضغط على الرابط لزيارة موقع الخبر
  8. In this podcast, IPSASB Chair Ian Carruthers talks through the highlights from the IPSASB March 2020 meeting in New York City, USA. 00:00 Welcome and introduction 00:24 Chair’s meeting overview 00:55 Leases 03:47 Measurement 04:22 Conceptual Framework - limited scope update 05:03 Natural Resources 05:25 Chair’s concluding comments 06:17 Closing remarks أضغط على الرابط لزيارة موقع الخبر
  9. Out of an abundance of caution, the International Ethics Standards Board for Accountants (IESBA) has decided to host their upcoming board meeting virtually by video teleconference instead of gathering in New York City March 16 – 18. More info here: https://www.ethicsboard.org/meetings أضغط على الرابط لزيارة موقع الخبر
  10. Out of an abundance of caution, the International Auditing and Assurance Standards Board (IAASB) has decided to host their upcoming board meeting virtually by video teleconference instead of gathering in New York City March 16 – 20. More info: https://www.iaasb.org/meetings أضغط على الرابط لزيارة موقع الخبر
  11. The IAASB is consulting on its draft non-authoritative EER Guidance in the second phase of its EER Assurance project. Public input is requested by July 13, 2020. EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about financial and non-financial matters, including environmental, social and governance matters, related to an entity’s activities. The Consultation Paper is on the full combined updated phase 1 and phase 2 draft non-authoritative guidance: Special Considerations in Performing Assurance Engagements on Extended External Reporting. The Consultation Paper also invites comments on two supplementary documents, should respondents wish to comment on their content, structure and relationship to the draft guidance document – Supplement A: Credibility and Trust Model and Background and Contextual Information and Supplement B: Illustrative Examples. The purpose of the consultation is to assist the IAASB in finalizing the non-authoritative guidance and supplements for publication. The IAASB particularly seeks input from those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing EER assurance engagements, preparers of EER reports, investors and other users of EER reports and assurance reports on them, standard setters and regulators. Respondents are asked to submit their comments electronically (in both a PDF and Word file) through the IAASB website using the ‘Submit comment’ link on this page. We request that comment letters do not include tables as they are incompatible with the software used to help analyze respondents’ comments. أضغط على الرابط لزيارة موقع الخبر
  12. Organizations are increasingly reporting about their broader performance or impact (“Extended External Reporting” or “EER”) either voluntarily or as required by law or regulation, and there is a growing demand for assurance engagements on such reporting. In response, the International Auditing and Assurance Standards Board (IAASB) has developed for feedback it’s non-authoritative EER Guidance and is requesting public input by July 13, 2020. “Extended external reporting and the role it has to play will only continue to grow in importance,” said Tom Seidenstein, Chair of the IAASB. “It’s a very exciting time for the IAASB as the work we’re undertaking today to develop international assurance guidance for non-financial information in the form of EER will, we believe, pave the way for much greater engagement and consistency in this area. We welcome and encourage all feedback during our comment period, which runs through July 13, and look forward to learning from the comments we receive.” EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about financial and non-financial matters, including environmental, social and governance matters, related to an entity’s activities. The purpose of the IAASB’s Public Consultation on Proposed Guidance, Extended External Reporting Assurance is to promote consistent high-quality application of ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information so as to: Strengthen the influence of EER assurance engagements on the quality of EER reports; Enhance user trust in the resulting assurance reports; and Engender greater confidence in the credibility of, trust in and reliance upon EER reports by their intended users. The draft non-authoritative guidance addresses Special Considerations in Performing Assurance Engagements on Extended External Reporting. Importance of Feedback Input received will assist the IAASB in finalizing the non-authoritative guidance document. Comments are also invited on two supplementary documents, should respondents wish to comment on their content, structure and relationship to the draft guidance document – Supplement A: Credibility and Trust Model and Background and Contextual Information and Supplement B: Illustrative Examples. The IAASB invites input from all stakeholders, especially those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing EER assurance engagements, preparers of EER reports, investors and other users of EER reports and assurance reports on them, standard setters, and regulators. The IAASB’s EER Assurance project is being run with the support of the World Business Council for Sustainable Development. This work is part of a conservation and financial markets collaboration among Ceres, World Business Council for Sustainable Development, World Wildlife Fund and the Gordon and Betty Moore Foundation. For more information, please visit www.moore.org Aspects for Consideration This draft non-authoritative guidance covers the following aspects of the performance of an EER assurance engagement where practitioners commonly encounter challenges in applying ISAE 3000 (Revised): Applying appropriate competence and capabilities to an EER engagement; Exercising professional skepticism and professional judgment in the context of an EER engagement, where there may be a heightened need to do so; Determining preconditions and agreeing the scope of an EER assurance engagement; Determining the suitability and availability of criteria (reporting framework(s), standards or preparer-developed criteria) used to prepare the EER report; The preparer’s governance and internal control over its process to prepare the EER report; Considering an entity’s process to develop preparer-developed criteria to determine the topics to be reported on in the entity’s EER report (sometimes referred to as a preparer’s ‘materiality process’); The types of misstatements that may occur in the EER report (using assertions); Obtaining evidence; Considering the materiality of misstatements in the EER report; Preparing the assurance report; Considerations in addressing qualitative EER information; and Considerations in addressing future-oriented EER information. Click HERE for more info. About the IAASB The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. أضغط على الرابط لزيارة موقع الخبر
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  14. This report highlights takeaways from the September 2019 Professional Accountants in Business (PAIB) Committee meeting, and outlines key priorities for accountants in business. The report specifically focuses on: Integrated value creation; The value of data; Action on the SDGs; Opportunities and challenges for accountants in SMEs; and Professional ethics. أضغط على الرابط لزيارة موقع الخبر
  15. The IAASB recently published a professional skepticism communiqué, part of a series highlighting the IAASB’s efforts to appropriately reflect professional skepticism in its standards, together with other relevant news and information. أضغط على الرابط لزيارة موقع الخبر
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