The proposals in the Exposure Draft respond to stakeholder concern about the appearance of independence and the need to ensure that the threats created by the long association of audit firm personnel with an audit client are appropriately addressed on all audit engagements.

The proposals aim to strengthen the independence provisions in the Code of Ethics for Professional Accountants (the Code). Among the proposed changes are:

Exposure Draft (ED) 55, Improvements to IPSASs 2014, proposes changes based on amendments from the International Accounting Standards Board's annual improvements and narrow scope amendments projects. ED 55 proposes improvements to four standards (IPSAS 1, IPSAS 17, IPSAS 28, and IPSAS 31).

The International Accounting Education Standards Board™ (IAESB™) has undertaken a project that has improved the relevancy, clarity, and consistency of its standards as well as their applicability to IFAC members and associates.

It is proposing a revised Framework for International Education Standards (the “Framework”), which sets out the concepts that underlie the IAESB’s International Education Standards™ (IES™).

The proposed changes aim to enhance the independence provisions in the Code of Ethics for Professional Accountants (the Code) by:

• Providing additional guidance and clarification regarding what constitutes management responsibility, including enhanced guidance regarding how the auditor can better satisfy itself that client management will make all judgments and decisions that are the responsibility of management, when the auditor provides non-assurance services to an audit client; 

This Exposure Draft seeks views from stakeholders in relation to the International Standards on Auditing (ISAs) that address disclosures in the audit of financial statements. The proposals include new guidance to clarify expectations of auditors when auditing financial statement disclosures.

This Exposure Draft seeks views from stakeholders in relation to proposed International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. This re-exposure of the proposed revised ISA provides requirements and guidance on the scope of other information, the auditor’s work effort related to other information, and the auditor’s associated reporting responsibilities.

The International Public Sector Accounting Standards Board has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019. 

This guidance seeks to establish a benchmark for the use of supplementary financial measures, in order to improve understanding of an organization’s performance among management, investors, and other stakeholders. It provides principles regarding the qualities a measure should have and disclosures that should accompany them if reported externally. Building on the qualitative characteristics of useful financial information, the guidance recommends professional accountants consider a number of attributes when developing and reporting supplementary financial measures.

This Exposure Draft (ED) builds on a consultation paper issued in 2011 and provides good practice guidelines on reporting service performance information. Development of ED 54 reflects the IPSASB’s commitment to addressing public sector-specific reporting issues, including those that relate to information additional to the financial statements.

An At-a-Glance summary provides an overview of the Exposure Draft.

The IAASB is undertaking this consultation to obtain views on its future direction, in order to build on its exiting strong base of standards and address new topics where needed.