This summary of decisions of the Auditing and Assurance Standards Board (AASB) has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on projects and other matters, which might change after further deliberations by the AASB. Decisions to publish exposure draft and Handbook material are final only after a formal voting process.
AASB Strategic Plan 2022-2025
The AASB discussed the impact of the COVID-19 pandemic on the Board’s Draft Strategic Plan and how to reflect this in the Plan.
International Accounting Standards Board’s (IASB) Primary Financial Statements Project
The AASB reviewed a draft response letter to the IASB’s Exposure Draft, “General Presentation and Disclosures.” The Board focused its discussion on the audit implications of introducing management performance measures in the notes to the financial statements and the proposal to define unusual income and expenses. The Board will submit its final response letter to the IASB by the comment deadline of September 30, 2020.
Key Audit Matters (KAM) Non-authoritative Guidance
The AASB received an update on the development of non-authoritative guidance on communicating KAMs in the auditor’s report. Such guidance will target small and medium-sized practitioners who perform audits of listed entities and who will be required to communicate KAMs in the auditor’s report for periods ending on or after December 15, 2022. The Board expects to review the draft guidance at a future meeting.