IAASB issues guidance on how amendments made to IAS 1 impact the ISAs
Nov 16, 2022
On November 16, 2022, the International Auditing and Assurance Standards Board (IAASB) published new guidance to help users understand the impact on the International Standards on Auditing (ISAs) due to narrow-scope amendments made to IAS 1, "Presentation of Financial Statements".
While the IAASB remains framework neutral when developing the ISAs, it considers financial reporting framework developments that may affect the ISAs, such as changes to the International Financial Reporting Standards (IFRS). Amendments to IAS 1 and the Impact on the ISAs: Disclosure of Material Accounting Policy Information, among other matters, provides users with guidance on how to address the effect of the amendments on a number of illustrative auditor reports throughout the ISAs that assume, as part of the fact pattern, that the financial statements are prepared by the management of the entity in accordance with IFRS Standards.
Review the press release and guidance on the IAASB's website.