• Register
Return to: Home > News > Standards > FRC updates audit of financial instruments guidance

FRC updates audit of financial instruments guidance

The UK Financial Reporting Council (FRC) has updated its Practise Note 23, Special Considerations in Auditing Financial Instruments, to reflect the clarified International Standards on Auditing (ISAs).

The FRCs Practise Note 23 is based on the International Auditing and Assurance Standards Board (IAASB) Practise note, but with supplementary guidance on a number of sections, including independent price verification function, hedge accounting and materiality.

The guidance is applicable to all entities that may be subject to the risks associated with using financial instruments.

Nick Land, FRC board members and chairman of the Audit and Assurance Council, said "This new update is intended to assist auditors in understanding the nature of, and risks associated with, financial instruments, the different valuation techniques and types of controls that may be used by entities in relation to them, and identifies the important audit considerations."

Related Links

The Financial Reporting Council

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.