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Auditing Accounting Estimates – AASB

Date recorded:

At its meeting on October 15-16, 2018, the AASB approved the revised CAS 540, including the related conforming amendments to other standards. The Board concluded that no significant changes were made in finalizing the standards from a Canadian standpoint (i.e., the changes did not require an addition, modification, or deletion of a Canadian amendment); therefore, no re-exposure was necessary. CAS 540 will be effective for audits of financial statements for periods ending on or after December 15, 2019. It is expected to be included in a CPA Canada Handbook – Assurance update in early 2019.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.