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Location: New York
On November 14, 2016, the International Auditing and Assurance Standards Board (IAASB) released a summary of its November 1, 2016 meeting.
The objective of the IAASB discussion was to obtain the Board’s views on the issues paper regarding the revision of ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures.
Review the meeting summary on the IAASB's Web site.
At its teleconference call on November 1, 2016, the IAASB discussed the work effort for accounting estimates, including: (i) considerations relative to the use of the word “reasonable”; (ii) the threshold for when further specific procedures are required; (iii) Requirements for accounting estimates that give rise to significant risks; and (iv) the updated requirements related to disclosures.
At its teleconference call on November 1, 2016, the IAASB discussed the work effort for accounting estimates, including: (i) considerations relative to the use of the word “reasonable”; (ii) the threshold for when further specific procedures are required; (iii) Requirements for accounting estimates that give rise to significant risks; and (iv) the updated requirements related to disclosures.
Review the meeting summary on the IAASB's Web site.