The staff of the International Auditing and Assurance Standards Board (IAASB) has developed a new question-and-answer publication to raise awareness about how XBRL-tagged data is prepared and how it may affect financial reporting.
Entitled XBRL: The Emerging Landscape, the publication explains that the IAASB's current International Standards on Auditing (ISAs) were not developed with XBRL in mind and, accordingly, do not require auditors to perform procedures on XBRL-tagged data as part of a financial statement audit. It clarifies how XBRL may lead to a demand for various types of assurance and related services engagements, and describes the scope of the IAASB's planned consultations to determine whether to develop a new international pronouncement addressing XBRL.
The publication is available by clickinghere..