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Assurance on Integrated Reporting and other EER – IAASB [Research]

Comment period ended on February 3, 2017.

Next steps:

The project will be undertaken in two phases: The exposure draft for Phase 1 is expected in December 2018 and the exposure draft for Phase 2 is expected in October 2019.

Last up­dated:

June 2018

Overview

The Integrated Reporting Working Group (IRWG) of the International Auditing and Assurance Standards Board (IAASB) was initially formed to monitor the demand for assurance engagements on integrated reporting. The focus of the Working Group includes initial thinking on the nature of such engagements, the scope of the subject matter information and the suitability of criteria, and other matters related to assurance, including the IAASB’s existing assurance standards.

“The IAASB has an open mind as to the way forward and recognizes that other emerging developments in external reporting are equally relevant to its considerations,” said Merran Kelsall, IAASB member and Integrated Reporting Working Group Chair in July 2015. “The Working Group will continue to engage with stakeholders and facilitate the IAASB’s debates to inform the development of a Discussion Paper exploring assurance issues in greater depth, including how practitioners are innovating to meet the needs of investors and other preparers and users of external reporting.”

The project will be undertaken in two phases:

  • The first phase will comprise the work, to be completed by December 2018, necessary to publish an exposure draft of non-authoritative guidance addressing issues relating to the Ten Key Challenges allocated to that phase.
  • During the second phase, non-authoritative guidance addressing the remaining issues relating to the Ten Key Challenges would be developed and exposed for public comment, and the non-authoritative guidance developed in both phases would be finalized and published together. 

For more information and updates on the IAASB’s current project in respect of assurance on Integrated Reporting, visit the IAASB’s project page.

The objective of the IRWG is to: (i) explore emerging developments in integrated reporting and other emerging developments in external reporting; (ii) gather further information on the demand for assurance, the scope of the assurance engagement and the key assurance issues; and (iii) explore how the IAASB most effectively can respond via International Standards or non-authoritative guidance (including Staff publications) and in what timeframe.

 

Other Developments

January 2018

On January 8, 2018, the IAASB released Guidance on Key Challenges in Assurance Engagements Over Emerging Forms of External Reporting (“EER”).

November 2016

In November 2016, the IAASB changed the comment letter deadline to the Discussion Paper it released in August 2016. Comments to the Discussion Paper are requested by February 3, 2017.

August 2016

On August 18, 2016, the IAASB released for public comment a Discussion Paper, “Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements”. The Discussion Paper, prepared by the IRWG, sets out the principal findings from research and outreach regarding developments in emerging forms of external reporting (referred to as EER) frameworks and professional services most relevant to EER reports, irrespective of whether such reports are part of the annual report or published as separate reports.  Comments on the Discussion Paper are requested by December 15, 2016.

July 2015

On July 16, 2015, the IRWG of the IAASB released a publication, Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting, to inform stakeholders about the Board’s ongoing work in this area.

 

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