Auditing Accounting Estimates - AASB

Date recorded:

At its meeting on September 12-13, 2016, the AASB discussed issues related to the IAASB’s project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, including: (i) scalability of the standard to both low and high risk estimates; (ii) definitions of key terms; (iii) classes of risk and risk assessment process; (iv) work effort in response to the assessed risks; and (v) implications to other ISAs. The IAASB is expected to approve an exposure draft of revisions to ISA 540 at its December 2016 meeting. The AASB plans to approve its exposure draft in January 2017.

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

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