Assurance Engagements – AUASB '3000' Series
You are probably aware by now that the AUASB now has three standards on assurance engagements in its 3000 series. In July this year, standards on Compliance engagements (ASAE 3100) and Performance engagements (ASAE 3500) were added to the first standard in the series, ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information (issued in July 2007).
Proposed standard from IPSASB
The International Public Sector Accounting Standards Board (IPSASB) has issued exposure draft ED 35 IPSAS 5 Borrowing Costs (Revised 200X) for comment. Members may wish to comment on the ED because
the proposed IPSAS 5 differs from the IFRS equivalent, IAS 23 Borrowing Costs, mainly in respect of recognition.