Auditing Accounting Estimates – AASB
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.