1 January 2010 - Clarity Standards Getting Closer
Remember! As an auditor conducting audits in accordance with with Australian Auditing Standards, you will need to conform to revised and redrafted Clarity standards from 1 January 2010. The AUASB is revising and redrafting its standards to conform with the standards issued by the IAASB... and the IAASB has announced that its Clarity project is nearing completion.
What is fair value in the current market environment?
Are you doing audits for entities where estimating fair values is a critical issue? Especially for financial instruments, and especially in these current turbulent times? If you are, then it would be very useful for you to read the latest IAASB Newswire release: New IAASB Audit Practice Alert Focuses on Fair Value Accounting Estimates.
New amending standard AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101
The Australian Accounting Standards Board (AASB) has issued AASB 2008-9 Amendments to AASB 1049 for Consistency with AASB 101.
Exposure draft – amendments to the retrospective application of IFRSs for first time adopters
The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposed amendments to IFRS 1 First-time adoption of International Financial Reporting Standards.
An 'audit is an audit'
An "audit is an Audit"; so agrees the International Federation of Accountants (IFAC). In its policy paper entitled IFAC's support for a single set of auditing standards, IFAC noted that it supports the approach taken by the IAASB to develop a single set of standards that can be applied to all audits - no matter how big or small the entity being audited.
Exposure draft – discontinued operations
The International Accounting Standards Board (IASB) has proposed a revised definition of discontinued operations which could result in fewer items being recognised as discontinued operations than at present.
Amendments on eligible hedged items
The Australian Accounting Standards Board (AASB) has issued AASB 2008-8 Amendments to Australian Accounting Standards - Eligible Hedged Items.
AASB 1039 Concise Financial Reports revised and issued
The Australian Accounting Standards Board (AASB) revised and issued AASB 1039 Concise Financial Reports.