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Basis for Conclusions – Auditing Accounting Estimates and Related Disclosures

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Mar 01, 2019

On March 1, 2019, the Auditing and Assurance Standards Board (AASB) published a document that summarizes the process the AASB followed in making revisions to CAS 540, Auditing Accounting Estimates and Related Disclosures.

CAS 540 contains no amendments to the ISA wording. This is consistent with the position taken by the AASB in ED-CAS 540.

The Basis for Conclusions includes:

  • Request for additional guidance
  • Significant concerns over operationalizing the requirements
  • Joint policy statement concerning communications with actuaries

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

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