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IFRS 13 Fair Value Measurement – information requests from IAASA

March 28, 2023

IAASA, Ireland’s accounting enforcer, has today published a Paper “IFRS 13 Fair Value Measurement – information requests”. IFRS 13 defines fair value, sets out a framework for measuring fair value, and requires disclosures about fair value measurements in financial statements. This Paper lists the fair value information requests that IAASA has made to entities during … Continued

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European accounting enforcers set out common enforcement priorities regarding companies’ 2022 financial statements

October 28, 2022

The European Securities and Markets Authority (ESMA) has published its annual priorities statement titled European common enforcement priorities for 2022 annual financial reports. That statement sets out the topics which European accounting enforcers believe those charged with governance should particularly consider when preparing, reviewing and auditing International Financial Reporting Standards (IFRS) financial statements for the year ending 31 December … Continued

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IAASA has published a October 2022 edition of Standards Newsletter

October 27, 2022

Welcome to the October 2022 edition of our Standards Newsletter. Its aim is to provide the latest news and information about IAASA’s auditing and assurance standards projects. In this edition, you’ll find information on recently adopted standards as well as the standards that are due to become effective shortly, the ISA (Ire) 600 consultation and … Continued

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IAASA has published a Consultation paper on its proposal to revise International Standard on Auditing (ISA) (Ireland) 600

October 26, 2022

IAASA has published a Consultation paper on its proposal to revise International Standard on Auditing (ISA) (Ireland) 600: Special Considerations – Audits of Group Financial Statements (including the Work of Component Auditors) and make related conforming amendments to other standards. The proposed effective date of the revised standard is for audits of group financial statements … Continued

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Updates to the International Standards on Auditing (Ireland)

October 25, 2022

ISA (Ireland) 315 (Revised October 2020), Identifying and Assessing the Risks of Material Misstatement, is effective for audits of financial statements beginning on or after 15 December 2021. The standards that have been updated to reflect the conforming amendments, including the corrections in the 2020 edition of the International Auditing and Assurance Standards Board’s Handbook, are:

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Reminder to issuers regarding the European single electronic format (ESEF)

October 25, 2022

ESMA has recently published an updated ESEF Reporting Manual applicable to the 2022 financial year. This manual includes the requirement to mark up the notes to and the accounting policies of the IFRS consolidated financial statements, following the “block tagging” approach. This has the potential to be a significant task and we encourage issuers to engage early … Continued

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IAASA highlights its series of videos and factsheet on the new suite of Quality Management Standards in Ireland

October 21, 2022

IAASA over recent weeks has published a series of videos designed to provide information on the new suite of Quality Management Standards in Ireland. The full series is available here. To accompany the video series, IAASA has published a factsheet for each Quality Management Standard available here. The new standards apply to periods from 15 December 2022. Firms … Continued

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IAASA publication: Climate-related disclosures in financial reports – IAASA information requests

October 12, 2022

IAASA, Ireland’s accounting enforcer, has today published a paper setting out information requests that it has raised with companies on their climate-related disclosures in their annual financial reports. The primary purpose of this paper is to provide preparers, auditors and users of financial statements with information to encourage discussion as to whether issuers adequately consider … Continued

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IAASA launches final video in its series on Quality Management Standards

October 6, 2022

IAASA has published its final video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of the revisions to ISA 220 – Quality Management for an Audit of Financial Statements. Find the explainer video at the following link here

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IAASA highlights matters for companies to consider when preparing their 2022 financial statements

October 5, 2022

IAASA, Ireland’s accounting enforcer, has today published its annual Observations paper highlighting matters that those charged with governance should consider when preparing their financial statements for 2022. The paper notes that 2022 financial statements will be prepared against an uncertain outlook with businesses facing uncertainties: Meanwhile, the COVID-19 recovery path remains unclear and sporadic resurgence in cases … Continued

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