AUASB issues ASA 2023-1 Amendments to Australian Auditing Standards

Tuesday, March 28, 2023

The Australian Accounting Standards Board (AASB) issued AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates in March 2021, which made amendments to AASB 101 Presentation of Financial Statements to require entities to disclose their material accounting policy information rather than their significant accounting policies.

Consequently, the AUASB has identified numerous illustrative auditor’s reports and engagement letters in the suite of AUASB Standards that are impacted by these amendments. At the March 2023 AUASB meeting, the AUASB approved to issue ASA 2023-1 Amendments to Australian Auditing Standards which made amendments to 11 auditing standards comprising of:

• Changes arising from narrow-scope amendments made by the AASB to AASB 101 Presentation of Financial Statements;
• Changes to ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements arising from amendments made by the Accounting Professional & Ethical Standards Board (APESB) to APES 110 Code of Ethics for Professional Accountants (including Independence Standards); and
• Minor editorial corrections.

The amendments are operative for financial reporting periods commencing on or after 1 January 2023. The AUASB will update the revised standards in the AUASB Digital Portal in due course, watch this space for future updates.