Tuesday, March 28, 2023
The Australian Accounting Standards Board (AASB) issued AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates in March 2021, which made amendments to AASB 101 Presentation of Financial Statements to require entities to disclose their material accounting policy information rather than their significant accounting policies.
Consequently, the AUASB has identified numerous illustrative auditor’s reports and engagement letters in the suite of AUASB Standards that are impacted by these amendments. At the March 2023 AUASB meeting, the AUASB approved to issue ASA 2023-1 Amendments to Australian Auditing Standards which made amendments to 11 auditing standards comprising of:
The amendments are operative for financial reporting periods commencing on or after 1 January 2023. The AUASB will update the revised standards in the AUASB Digital Portal in due course, watch this space for future updates.