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Return to: Home > News > Standards > News brief, standards setting: Canada revises audit standards and Australia publishes guidance for tax transparency

News brief, standards setting: Canada revises audit standards and Australia publishes guidance for tax transparency

The Australian Accounting Standards Board (AASB) has released draft guidance on the Australian government Board of Taxation’s Voluntary Tax Transparency Code in order to promote clarity and consistency for tax disclosures.

Published last year, the code offers a set of principles and minim standards to guide disclosure of tax information by businesses.

Now the Australian standards-setter has published a draft guidance to establish common practices and understanding of the code.

The Board of Taxation chair Michael Andrew said: “The aim of the Code is to increase transparency around tax and to help educate the public about compliance with tax laws. But tax is a complex subject that can be difficult for companies to explain in a way that is accessible to the readers of their reports, and there is potential for inconsistency in some key areas.”

AASB chair Kris Peach added: “This guidance helps to establish some common approaches, makes it easier for preparers to pull the report together, and easier for readers to understand and compare information.”

The draft guidance has been issued for businesses to try it out and provide feedback it can be accessed here.

The voluntary tax transparency code can be accessed here.

 

The Canadian Auditing and Assurance Standards Board has approved an exposure draft of revision to CAS 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures.

The exposure draft is based on the IAASB’s exposure draft of proposed changes to ISA 540, and proposes no Canadian amendments. Deadline for comment is 7 July 2017.

The Canadian standards-setter has also approved new and revised CASs relating to auditor reporting, and the auditor’s responsibilities relating to other information in response to an exposure draft the board agreed to defer the effective date for application by one year, therefore coming into effect or audits of financial statements for periods ending on or after 15 December 2018.

Following feedback the board has also amended the scope for reporting key audit matters so that such matters are communicated in the auditor’s report only when required by law or regulation or the auditor decides to do so.

The changes will be included in a handbook to be published later this year.

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