At its meeting on March 15-19, 2021, the IAASB discussed the full draft of the separate standard for audits of financial statements of less complex entities. Significant concerns were expressed about the applicability of the separate standard as it had been presented, and it was agreed that this needed to be further considered.

There were mixed views expressed about whether the standard should be issued as an exposure draft after the June 2021 IAASB meeting, however some Board members strongly emphasized the need for consultation on the standard to obtain views of the IAASB’s stakeholders about whether the standard could and would be used.

Further discussions about the name and detailed content of the standard indicated that there are mixed views about some of the matters presented in the draft, which would require further consideration by the LCE Task Force. The LCE Task Force will continue to progress the draft with the intent to consult on the draft after the June 2021 IAASB meeting.

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