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Guide – Reporting Implications of New Auditing and Accounting Standards (12th edition)

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Apr 02, 2014

On April 2, 2014, the Auditing and Assurance Standards Board released the 12th edition of its guidance on reporting issues that may arise during the current period of change to new auditing and accounting standards.

The 12th Edition includes four changes from the 11th Edition, namely

  1. the Introduction has been updated to reflect changes in accounting standards;
  2. the last sentence in paragraph 4 of Q&A 1(i) has been deleted relating to Budget Information included in Financial Statements prepared in accordance with the PSA Handbook;
  3. a new Q&A 1(j) has been added relating to the Correction of Financial Statements prepared in accordance with PS 2120.31 of the PSA Handbook; and
  4. a new Illustrative Example 8 has been added in respect of a Qualification arising from to the Correction of Financial Statements prepared in accordance with PS 2120.31 of the PSA Handbook.

Review this Edition on the AASB's Web site.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.