Auditing Accounting Estimates - AASB

Date recorded:

At its meeting on March 5-6, 2018, the AASB provided input to the CPA Canada nominee on the International Auditing and Assurance Standards Board (IAASB) on issues related to the IAASB’s project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. Key issues discussed included:

  • scalability of the requirements for simple and complex estimates, including appropriateness of examples;
  • requirements related to exercising professional skepticism;
  • requirements related to documentation; and
  • the proposed effective date for the standard.

The IAASB expects to approve revised ISA 540 in June 2018. The AASB plans to approve the Canadian equivalent standard by the end of 2018.

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

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