ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.

Consolidation of Climate Disclosure Standards Board

Financial Reporting | 31 January 2022

The International Financial Reporting Standards (IFRS) Foundation has completed consolidation of the Climate Disclosure Standards Board (CDSB) from CDP as part of the commitment made to provide staff and resources to the new International Sustainability Standards Board (ISSB).

January 2022 editions of accounting standards

Financial Reporting | 31 January 2022

The Financial Reporting Council (FRC) has issued January 2022 editions of UK and Ireland accounting standards, reflecting amendments made since the previous editions issued in 2018 as well as changes in Irish company law. The FRC has also issued revised editions of the Foreword to Accounting Standards and Overview of the financial reporting framework.

IPSASB issues IPSAS 43 - Leases

Financial Reporting | 31 January 2022

The International Public Sector Accounting Standards Board (IPSASB) has issued International Public Sector Accounting Standard (IPSAS) 43, Leases. IPSAS 43 has an effective date of 1 January 2025 with earlier application permitted in certain circumstances.

FAQs on revised fee-related provisions of IESBA code

Ethics | 31 January 2022

The Staff of the International Ethics Standards Board for Accountants (IESBA) have released a set of FAQs on the recently revised fee-related provisions of The International Code of Ethics for Professional Accountants.

PCAOB to form two new advisory groups

Audit and Assurance | 31 January 2022

The Public Company Accounting Oversight Board (PCAOB) has announced the creation of two new advisory groups – the Investor Advisory Group (IAG) and the Standards and Emerging Issues Advisory Group (SEIAG) to enhance engagement with investors and other stakeholders. The deadline for comments and nominations for those seeking to participate in the groups is 28 February 2022.

Audit Committee Chairs research

Audit and Assurance | 26 January 2022

The Financial Reporting Council (FRC) has published new research conducted by YouGov on Audit Committee Chairs’ views on, and approach to, audit quality.

Improvements to IPSAS 2021

Financial Reporting | 24 January 2022

The International Public Sector Accounting Standards Board (IPSASB) has issued Improvements to IPSAS, 2021, which includes minor improvements to address issues raised by stakeholders and minor amendments from recent IFRS improvements and narrow scope projects.

Conforming and consequential amendments to IAASB standards

Audit and Assurance | 19 January 2022

The International Auditing and Assurance Standards Board (IAASB) has released further conforming and consequential amendments to the IAASB’s standards resulting from the new and revised quality management standards. The conforming amendments to the IAASB’s International Standards are effective as of 15 December 2022.

FRC three-year plan

Financial Reporting | 18 January 2022

The Financial Reporting Council (FRC) has published its three-year plan and budget for transition to the Audit, Reporting and Governance Authority (ARGA). The deadline for the 2022/23 Strategy and Plan & Budget consultation is 1 March 2022.

IAASB 2022-2023 Work Plan

Audit and Assurance | 11 January 2022

The International Auditing and Assurance Standards Board (IAASB) has approved a new work plan entitled ‘A Public Interest Focus in Uncertain Times’, with sustainability and environmental, social and governance (ESG) assurance as a prominent addition to the plan. The plan is pending approval by the Public Interest Oversight Board (PIOB) in April 2022.