Basis for Conclusions – Reporting on Audited Financial Statements

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Dec 12, 2018

On December 12, 2018, the Auditing and Assurance Standards Board (AASB) released this document that summarizes the process the AASB followed in making revisions to CAS 700, Forming an Opinion and Reporting on Financial Statements.

The AASB concluded that amendments need to be made to require communication of key audit matters for audits of financial statements of entities listed on the TSX, other than those entities required to comply with NI 81-106, for audits of financial statements for periods ending on or after December 15, 2020. The AASB also concluded that these amendments, while significant in relation to the existing key audit matter reporting requirements,
do not require exposure for comment because they are responsive to comments raised by stakeholders, in part as discussed in the 2017 Basis for Conclusions.

Download the Basis for Conclusions on the AASB's website.

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