The International Auditing and Assurance Standards Board (IAASB) this week released for public comment a discussion paper exploring key issues relating to disclosures in financial statements. Titled The Evolving Nature of Financial Reporting: Disclosure and Its Audit Implications, the paper highlights recent trends in the range, volume, and complexity of financial statement disclosures, and explores issues and practical challenges in preparing, auditing, and using them.
In addition, in order to stimulate further debate on audit quality, and in its continuing efforts to facilitate robust audits in the public interest, the IAASB tthis week also released a publication titled Audit Quality: An IAASB Perspective. Financial Statement Disclosures The IAASB invites all stakeholders to comment on its proposals. To access the discussion paper on financial statement disclosures or submit a comment, visit the IAASB’s website at www.iaasb.org/ExposureDrafts.php.
Comments on the discussion paper on financial statement disclosures are requested by June 1, 2011. Perspectives on audit quality and views on key audit quality issues are welcomed by the IAASB at any time. They may be submitted in writing to one or more of the key IAASB contacts listed in the audit quality publication.