This publication, Auditor Reporting – Key Audit Matters, has been prepared by the Auditor Reporting Implementation Working Group. It is intended to assist in understanding key aspects of Key Audit Matters as set out in ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and forms part of the Auditor Reporting Toolkit.

This publication, Auditor Reporting on Going Concern, has been prepared by the Auditor Reporting Implementation Working Group. It provides an overview of how the new auditor’s report will address going concern as set out in ISA 570 (Revised), Going Concern, and forms part of the Auditor Reporting Toolkit.

IFAC has formally responded to the Malaysian Committee to Strengthen the Accountancy Profession (CSAP)’s Report on the Strengthening of the Accountancy Profession in Malaysia addressing regulation, meeting the demand for professional accountants, accountancy education, and making public accountancy practices more competitive.

IPSAS 38 brings together the disclosures previously included in IPSASs 6–8. It also introduces new disclosure requirements, including those related to structured entities that are not consolidated and controlling interests acquired with the intention of disposal. 

IPSAS 37 establishes requirements for classifying joint arrangements and accounting for those different types of joint arrangements. Joint arrangements are classified as either joint operations or joint ventures. In a joint operation, the parties to the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. In a joint venture, the parties to the arrangement have rights to the net assets of the arrangement.

IPSAS 36 explains the application of the equity method of accounting, which is used to account for investments in associates and joint ventures. The requirements are very similar to the current guidance in IPSAS 7, Investment in Associates. Because equity accounting must now be used when accounting for joint ventures, the title of the standard now also refers to joint ventures.

In contrast with IPSAS 7, IPSAS 36 does not permit a different accounting treatment for temporary investments.