Presentación realizada por Geovani José Rodríguez Orozco, presidente del Colegio). La presentación explica los retos que el Colegio enfrentó en Nicaragua y como logró éxito en promover y avanzar la implementación de las DOM.

Presentación realizada por Guillermo Smith, miembro de la Comisión de Normas Internacionales del Colegio. La presentación brinda un resumen de los cambios recientes en el marco regulatorio en Costa Rica, los retos y factores del éxito para el Colegio, y las prioridades y proyectos que tiene el Colegio para avanzar con la implementación de las DOM.

Presentado por Carlos Leguizamón Giménez, el representante del Colegio. La presentación describe los factores críticos para el éxito y los retos que el Colegio enfrentó en Paraguay. Destacó las fortalezas que apoyaron al Colegio para avanzar con la implementación de las DOM. 

Presentación realizada por Antonio Flores, el vicepresidente de Panel Asesor de Cumplimiento y Joseph Bryson, Subdirector del departamento de Calidad y Membresía de IFAC. La presentación provee un resumen del estatus de adopción de normas internacionales en América Latina y el Caribe. Además, describe los principales desafíos para las regiones. 

The International Auditing and Assurance Standards Board (IAASB) today released a publication highlighting the audit issues arising from the shift to Expected Credit Loss (ECL) models when accounting for loan losses. ECL models are now required, or will soon be required, by some financial reporting frameworks, including IFRS 9, Financial Instruments, which will come into effect from January 1, 2018.

“The adoption and implementation of ECL models will, in many cases, bring significant challenges for auditors, management, those charged with governance (e.g., audit committees), supervisors, and users,” explained IAASB Chairman Prof. Arnold Schilder. “Auditors need to be aware of the changes related to ECL and the implications for audits. Auditors will need to be actively engaged in 2016 and 2017, in particular to understanding how an entity is planning for the adoption and implementation of its ECL models.”

The publication summarizes the audit challenges identified with respect to ECL and sets out initial thinking on how these challenges may be addressed under the current International Standards on Auditing (ISA). The publication has been developed by a task force comprised of IAASB members and technical advisors, representatives from the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, bank auditors, and an observer from the US Public Company Accounting Oversight Board.

“Our work to date has benefited from input from different stakeholders from around the world,” highlighted Task Force Chair Rich Sharko. “The publication issued today is the result of extensive outreach with regulators, expert auditors from different industries, and others to capture the significant issues that arise in dealing with ECL models, as well as how they may be addressed under the current ISA pronouncements.”

“As a result, the publication is particularly relevant for auditors of financial institutions and other entities that have substantial credit risk exposures through holdings of loans and similar financial assets,” noted Task Force Co-Chair Marc Pickeur.

The publication also discusses how the IAASB’s new standard-setting project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, will seek to further address these and other challenges that have been noted in respect of auditing accounting estimates, including in relation to audits of financial institutions.

“Accounting estimates are becoming more complex and subjective, and are critical to a user’s understanding of an entity’s performance,” noted IAASB Technical Director Kathleen Healy. “The IAASB will consider what revisions are necessary to ISA 540 to promote audit quality in the varied and complex scenarios that arise today, and that are likely to continue to evolve in the future.”

For more information, visit www.iaasb.org/auditing-estimates.

About the International Auditing and Assurance Standards Board (IAASB)
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

About IFAC^®
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

This IAASB publication was developed by a task force comprised of IAASB members and technical advisors, representatives from the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, bank auditors, and an observer from the US Public Company Accounting Oversight Board.