IAASB alert on fair value accounting estimates
07 Oct 2008
The staff of the International Auditing and Assurance Standards Board (IAASB) has released an audit practice alert Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment.
The alert was developed following consultation with the IAASB's Task Force on Fair Value Auditing Guidance, which is considering the need for new or modified guidance in light of current marketplace issues. The purpose of the alert is to highlight areas within the International Standards on Auditing (ISAs) that are particularly relevant in the audit of fair value accounting estimates in times of market uncertainty. The practice alert may downloaded free of charge from the IFAC Website.
