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The Board discussed issues related to the IAASB’s project on Audits of Less Complex Entities and reviewed its response to the IAASB Auditor Reporting Post Implementation Review Survey. It also discussed the development of its 2021-2022 Annual Plan. Read the full Decision Summary for details.

The Board discussed topics such as Combinations, Leases, Insurance Contracts – plus much more. Read the Decision Summary for full details.

The Board submitted its comment letter responding to the IAASB’s Exposure Draft of ISA 600 (Revised), Special Considerations - Audits of Group Financial Statements (Including the work of Component Auditors). Read the AASB’s full response.

The AASB submitted its response letter to the IASB Exposure Draft, General Presentation and Disclosures on September 30, 2020. The AASB considered comments provided by external stakeholders who were consulted in combination with the AcSB. We also raised comments on the audit implications of bringing management performance measures into the financial statements and introducing a definition for unusual income and expenses.

The expectation gap between the public’s perception of the role of the auditor, the auditor’s current responsibilities, and how they may evolve are receiving heightened attention. Register for our new online community platform, Connect.FRASCanada.ca, to quickly and easily provide your input on this growing issue – as well as hear from others on these important topics.

Our new due process manual provides a clear explanation of our standard-setting due process activities and includes details of how you can participate in the process. We use plain language, and simplified content, to ensure the rigorous set of procedures we undertake to set standards is easy for you to understand. Visit the Due Process page to learn more.

At its recent meeting, the Board discussed Public Private Partnerships, Employment Benefits, and the International Strategy. Read the Decision Summary for full details.

At its recent meeting, the Board discussed Purchased Intangibles, Government Not-for-Profit Strategy, and the revised 2020-2021 Annual Plan. Read the Decision Summary for full details.

At its recent meeting, the Board discussed the Conceptual Framework and Financial Reporting Model. Read the Decision Summary for full details.

You asked. We listened. Many of the enhancements to the auditor reporting standards were made in response to input from financial statements users. Now that the standards are in effect, we want users to tell us their views. Participate in our new online community platform, Connect.FRASCanada.ca, to easily give your feedback via quick polls, short surveys and even an open idea forum.