International Ethics Standards Board for Accountants (IESBA) staff today released two Q&A publications to support the adoption and implementation of the IESBA’s NOCLAR pronouncement, which will come into effect July 15, 2017.
The Q&As for professional accountants in public practice (PAIPPs) cover issues related to applicability, audits of financial statments, and professional services other than financial statement audits, among others.
The Q&As for professional accountants in business (PAIBs) cover issues related to scope, PAIB responsibilities (for senior vs. other PAIBs), organizational culture, and NOCLAR disclosure, among others.
See also the IESBA's NOCLAR web page for access to the pronouncement and support materials including videos, fact sheet, and more.
To remain relevant in the future, IFAC and its Professional Accountants in Business (PAIB) Committee believe that the accountancy profession in all its forms needs to embrace integrated reporting by reporting on the business in its entirety, and building trust and confidence in this reporting.
The staff-prepared Q&As support the adoption and implementation of the IESBA’s NOCLAR pronouncement, which will come into effect July 15, 2017.
The Q&As for professional accountants in public practice (PAIPPs) cover issues related to applicability, audits of financial statments, and professional services other than financial statement audits, among others.
Muhammad Azizul Islam, PhD (RMIT), CPA (Australia), CA (CA ANZ) Associate Professor & Team Leader of Accounting for Social and Environmental Sustainability Research Group, School of Accountancy, QUT, Brisbane, Australia
The IFAC SMP Committee agrees that emerging forms of external reporting (EER) are still evolving and supports the initiative to better understand the developments and challenges being encountered. At this stage, it does not believe there is a need for the IAASB’s international standards to cover a broader range of engagements than what are currently addressed.