As part of the IAASB’s focus on professional skepticism, this publication provides an update on the IAASB’s efforts to appropriately reflect professional skepticism in its recently-issued, and soon-to-be-issued, standards and exposure drafts. It also includes other relevant news and information, and recent activities of the IESBA and IAESB, related to professional skepticism.

The ISA 540 (Revised) Implementation Working Group is responsible for the implementation of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, with the objectives of:

• Promoting awareness of the revised standard;
• Informing and educating users;
• Opening a dialogue to learn about the experiences of those responsible for adopting and implementing the standard; and
• Preparing for post-implementation review efforts.

The IAESB is developing an exposure draft that revises the learning outcomes from four existing International Education Standards. IAESB Deputy Chair Anne-Marie Vitale explains what content and timing to expect.

Highlights from the IPSASB's  September 18 - 21 meeting in Toronto.

• 00:11 -- Welcome and introduction: Ross Smith, IPSASB Deputy Director
• 00:58 -- Chair’s meeting overview: Ian Carruthers, IPSASB Chair
• 03:27 -- Social Benefits, Non-Exchange Expenses, Improvements: Paul Mason, IPSASB Principal 
• 05:57 -- Revenue: Amon Dhliwayo & Joanna Spencer, IPSASB Managers
• 07:40 -- Leases: Joao Carlos Fonseca, IPSASB Principal
• 08:39 -- Public Sector Measurement: Gwenda Jensen, IPSASB Principal
• 11:09 -- Chair’s closing comments: Ian Carruthers, IPSASB Chair
• 12:49 -- Closing remarks: Ross Smith, IPSASB Deputy Director

The IAASB revised its standard on accounting estimates, ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, to respond to the rapidly evolving business environment. The revision ensures that the standard continues to keep pace with the changing market and fosters a more independent and challenging skeptical mindset in auditors.

ISA 540 (Revised) becomes effective for financial statement audits for periods beginning on or after December 15, 2019.