How Private-Public Consultation Transformed the Cayman Islands’ Economy
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The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&As) publication to explain key revisions to the non-assurance services (NAS) provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). Together with the recently issued fee-related revisions to the Code, the NAS revisions significantly strengthen the International Independence Standards by addressing public interest concerns about independence when firms provide NAS to their audit clients. The development of the Q&As has been informed by the IESBA’s deliberations in the project to revise the NAS provisions and extensive consultations with a wide range of stakeholders, including regulators and audit oversight bodies, the investor and corporate governance communities, national standard setters, firms and professional accountancy organizations.
The publication complements the Basis for Conclusions for the final NAS pronouncement and is intended to assist national standards setters, professional accountancy organizations, and professional accountants in public practice as they adopt and/or implement the revised NAS provisions. The Q&As will also assist other stakeholders, including regulators and audit oversight bodies, those charged with governance, investors, preparers, and academics and other educators better understand the key changes to the NAS provisions of the Code. These changes include the new requirements and guidance that:
The revised NAS provisions are effective for audits of financial statements for periods beginning on or after December 15, 2022.
Click here to access the revised NAS provisions, and the other recently approved changes to the Code.
New Guidance for Auditors of Public Interest Entities
A global framework for public sector sustainability reporting is needed to avert climate disaster and achieve the UN SDGs.
Join the IPSASB's webinar on Advancing Public Sector Sustainability Reporting to:
The objective is to develop enhanced guidance clarifying the recognition and measurement of infrastructure and heritage assets that are Property, Plant, and Equipment.
The IPSASB approved IPSAS 45, Property, Plant and Equipment. IPSAS 45 replaces IPSAS 17, Property, Plant and Equipment and adds public sector guidance on heritage and infrastructure assets, and aligns with the new measurement principles.
All sessions will be streamed live on the IPSASB YouTube Channel.
For those viewing the meeting online, please follow the IPSASB YouTube channel.
To download all public agenda papers in one zip file, visit link to meeting papers.