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CSRE 2400, Engagements to Review Historical Financial Statements [Completed]

Effective date:

The revisions will be effective for reviews of financial statements for periods ending on or after December 14, 2017. Early adoption will not be permitted.

Included in the CPA Canada Handbook - Assurance:

April 2016

Last up­dated:

April 2016

Overview

The purpose of the project was to revise or replace Section 8100, General Review Standards, Section 8200, Public Accountant’s Review of Financial Statements, and Section 8500, Reviews of Financial Information Other than Financial Statements, to improve their robustness by reflecting current practice and appropriately addressing the needs expressed and issues raised by Canadian stakeholders, noting that performance of review engagements has evolved over the 20 years since the existing standards were issued.

In December 2015, the AASB unanimously approved CSRE 2400, Engagements to Review Historical Financial Statements.

Other developments

April 2016

On April 1, 2016, the AASB released the Basis for Conclusions summarizing the process followed in developing this standard and the conclusions reached by the AASB regarding significant comments received in response to its Exposure Drafts.

May 2015

On May 5, 2015, a Re-exposure Draft, Engagements to Review Historical Financial Statements, was issued by the AASB.  Comments requested by July 10, 2015.

September 2013

On September 27, 2013, the AASB extended the comment deadline of its Exposure Draft to December 11, 2013 from October 11, 2013 in order to allow sufficient time for consultation with stakeholders.

June 2013

On June 27, 2013, the AASB issued an Exposure Draft, Engagements to Review Historical Financial Statements, of the proposed CSRE 2400. Comments requested by October 11, 2013.

April 2013

In April 2013, the AASB approved an Exposure Draft of a proposed new Canadian Standard on Review Engagements, CSRE 2400, Engagements to Review Historical Financial Statements, to replace existing standards for review engagements.

September 2012

On September 27, 2012, the IAASB issued a Press Release and a revised version of ISRE 2400, in addition to (i) a staff-prepared Basis for Conclusions document; and (ii) a staff-prepared At a Glance summary.

June 2012

In June 2012, the IAASB approved for issue a revised version of ISRE 2400. ISRE 2400 (Revised) is effective for reviews of financial statements for periods ending on or after December 31, 2013.

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