IAASA issues annual Observations Paper

Sep 22, 2020

IAASA has published its annual Observations paper highlighting some significant topics that those charged with governance should consider when preparing their financial statements for 2020.

IAASA’s paper highlights some key areas that warrant close scrutiny by those preparing, approving and auditing 2020 financial statements in the upcoming reporting season including:

  • the pervasive impact of the COVID-19 pandemic on the recognition, measurement, presentation and disclosure of income, expenses, assets and liabilities in companies’ financial statements; and
  • the challenges and uncertainties facing companies from Brexit.

This 2020 Observations paper is addressed primarily to the preparers, approvers and auditors of financial statements and seeks to highlight matters users may wish to be aware of and focus on when reviewing 2020 financial statements.