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International events

IAASB June 2018 Meeting

Accounting Estimates – ISA 540: approved as a final standard:

Key points:

  • 17 IAASB members voted to approve the standard while one abstained
  • the AUASB's three major concerns were addressed in the approved version – in particular there was a large majority of members who supported the need to push back the effective date of the standard to years beginning on or after 15 December 2019 (meaning the first full years to apply ISA 540 will be financial years ending December 2020).
  • three IAASB members voted in favour of having ISA 540 re-exposed however, the vote for re-exposure was not supported by the required two-thirds of IAASB members
  • throughout deliberations the Task Force and IAASB staff noted the need for significant guidance to assist stakeholders with implementation
  • an IAASB Teleconference will be held on 17 July 2018 to approve final amendments to the standard with the standard then to be sent to the PIOB for final approval in September 2018 (note: IAASB staff have committed to share the final wording to us as soon as it is ready for distribution).

ISA 315 (Revised) – exposure draft approved

Key points:

  • after a robust debate and considerable changes to the introductory paragraphs and application material, the exposure draft for ISA 315 was approved unanimously
  • as with ISA 540, the IAASB will approve any final amendments at its teleconference on 17 July with the ED to be released shortly after with a comment period open until 2 November 2018.

Quality Control at Firm Level – ISQC 1: exposure draft delayed

Key points:

  • the IAASB was informed that ISQC 1 is delayed (as predicted at the June AUASB meeting)
  • the new planned approval date for the exposure draft is at the December 2018 IAASB meeting.

Other projects

Updates on EER, ISA 220 and the new Audit Evidence project were well received by IAASB members and are on track.

  • the Meeting summary podcast, agendas, agenda papers and audio recordings of discussions held are available on the IAASB website
  • A full summary of matters discussed is expected to be published soon