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The Board recently submitted a response letter to the IAASB on the Exposure Draft, ISA 500, Audit Evidence. Read the response letter to learn more.

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.

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 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.

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 Committee discussed Revenue, Reporting Controlled and Related Entities, Insurance Contracts with a Cash Surrender Value, and more. Read the meeting notes 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.