At its meeting on October 17-18, 2016, the AASB approved revisions to CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements, and conforming amendments to other standards, related to adoption of the IAASB’s limited amendments to address non-compliance with laws or regulations. The AASB concluded that changes made in finalizing the standards were not significantly different from the proposals in the Exposure Draft and, therefore, no re-exposure is necessary.  The amendments will be effective for financial statement periods ending on or after December 15, 2018 and are expected to be included in a Handbook update in early 2017.

Review the executive summary on the AASB's Web site.