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The IASB has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-Operation and Development’s (OECD) international tax reform.

The AcSB discussed Sustainability, Domestic Implications of International Tax Reform, Related Party Combinations, Pension Plans, and more. Read the Decision Summary for full details, including how stakeholders can provide feedback on these initiatives.

This past year, AASOC remained flexible to new challenges in the stand-setting space. Read our 2022-2023 Annual Report to learn more about the work we did, including our oversight of the AASB.

The Board submitted a comment letter responding to the IAASB’s Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities. The IAASB plans to approve the final ISA for LCE before the end of the year. Consistent  with our report, “Audits of Less Complex Entities – Our Progress Toward a Solution”, we will continue to monitor and provide input to the IAASB’s as we work towards providing solutions in this area. Read the response letter for full details.

At its April meeting, the IAASB confirmed its intention to advance the consultation on its proposed new standard for sustainability assurance, International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Subject to the expected IAASB approval of the exposure draft in June, stakeholders can now expect the public consultation on the proposed standard to open in the latter part of July or early August 2023 and extend into December 2023. The AASB will be coordinating our exposure period to overlap with the IAASB’s exposure draft period.

In response to the IAASB’s approval of the project proposal for the development of an overarching sustainability assurance standard, ISSA 5000, the AASB has established the Sustainability Assurance Committee to enhance its technical expertise in this area and support the Board’s sustainability assurance projects. Learn more about the Committee. 

The International Sustainability Standards Board (ISSB) has just released its Exposure Draft, Methodology for Enhancing the International Applicability of the SASB Standards and SASB Standards Taxonomy Updates. Read the Exposure Draft for more details.

We are committed to serving the public interest by effectively responding to the needs of interested and affected parties. Read about the AASB’s 2022-2023 activities and accomplishments in this year’s Annual Report.

The Board submitted a comment letter responding to the IAASB’s Exposure Draft, Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. Read our response letter to learn more.      

The International Sustainability Standards Board (ISSB) has released its request for information on their Consultation on Agenda Priorities. They aim to broaden sustainability standards for investors and financial markets beyond climate. Read the Agenda Priorities for more details.