AASB Guide regarding the impact of recent amendments to IAS 1
Jan 24, 2023
On January 24, 2023, the Auditing and Assurance Standards Board (AASB) issued a guide to address how the International Accounting Standards Board’s (IASB) narrow-scope amendments to International Accounting Standard (IAS) 1, Presentation of Financial Statements affect the Canadian Auditing Standards (CASs) and Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements.
The narrow-scope amendments to IAS 1 require entities to disclose their material accounting policy information, instead of significant accounting policies. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with early application permitted.
Of note, the Guide is intended to assist auditors with respect to these amendments to IAS 1. The publication does not amend or override the CASs, the texts of which alone are authoritative. Reading the publication is also not a substitute for reading the CASs
Review the Guide on the AASB's website.
