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Auditing Accounting Estimates - IAASB

Date recorded:

At its meeting on March 12-16, 2018, the IAASB discussed a current draft of ISA 540 (Revised). The Board focussed on the need to improve the alignment of ISA 540 (Revised) with extant ISA 315 (Revised), particularly regarding the spectrum of risk and noting that certain provisions in the ISA are intended to only apply to significant accounting estimates.  Furthermore, the Board also requested the ISA Task Force to consider ways to reduce the length of the ISA, which resulted in the removal of two appendices. It was also agreed that the term “significant data” should not be used and that the ISA 540 Task Force should clarify the linkage between various work effort requirements and the documentation requirements of the ISA. The Board intends to discuss aspects of the draft ISA at an IAASB teleconference on April 24, 2018 and a final draft of the proposed standard will be presented to the IAASB for approval at its meeting in June 2018.

Review the summary, including the podcast, on the IAASB's Web site.

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