At its meeting on January 24, 2024, the AASB discussed issues related to the project to develop a Canadian Standard on Related Services (CSRS) on Compilation Engagements on Future-oriented Financial Information that will replace Assurance and Related Services Guideline 16, Compilation of a Financial Forecast or Projection. Key issues discussed included: (a) revisions to the definitions of “hypotheses”, “hypothetical assumptions”, and “projection”, and how these changes enhance the interconnectivity of those terms; (b) whether there should be a requirement to disclose the purpose of the projection and, if so, what form such disclosure may take; (c) the proposed reporting requirements and illustrative compilation engagement reports; and (d) whether the proposed CSRS should include a requirement for the practitioner to request a written representation letter from management.

Review the Executive Summary on the AASB's Web site.