Thursday, September 30, 2021
The AUASB has revised the following standards and pronouncements which are available on the AUASB Website and AUASB Standards Digital Portal:
Revised ASA 101, ASA 200, ASA 700 and updated Foreword to AUASB Pronouncements
ASA 101 has been revised to apply to all AUASB Standards and includes additional interpretive guidance to improve stakeholder understanding of the key components of AUASB Standards. AUASB Standards are to be read and applied in conjunction with ASA 101.
The revised ASA 101 replaces ASA 100 Preamble to AUASB Standards (issued 2006) and ASA 101 Preamble to Australian Auditing Standards (issued 2009). As a result of the revised ASA 101, ASA 200 and ASA 700 have been amended to address inconsistencies between the standards. Refer to ASA 2021-3 for more information on the paragraphs amended. The Foreword to AUASB Pronouncements has also been updated to align with the revised ASA 101.
Revised ASA 560
The AUASB has made minor amendments to ASA 560 to clarify the timing of communications and provide guidance on the possible actions the auditor may take when facts become known to the auditor after the financial report has been issued that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report. Refer to ASA 2021-2 for more information on the paragraphs amended. Revised ASA 560 is operative for financial reporting periods commencing on or after 15 December 2021, with early adoption permitted.
Revised ASA 800
ASA 800 has been revised as a result of the changes to the Australian Accounting Standards impacting the ability for certain for-profit entities to prepare Special Purpose Financial Statements. Refer to ASA 2021-4 for more information on the paragraphs amended.