IAASB to update guidance
on financial instruments

The International Auditing and
Assurance Standards Board (IAASB) is launching a project to update
guidance on audits of derivative financial instruments. This will
address issues related to the financial crisis and developments
related to the clarity project. The project will involve developing
a briefing paper to raise awareness and highlight a number of
practical considerations currently posing challenges in the audits
of complex financial instruments. There will also be a revision of
International Auditing Practice Statement 1012, Auditing Derivative
Financial Instruments, to bring it in line with the clarified

The IAASB will consider a draft of the
briefing paper at its September meeting.

UNCTAD event calls for single set of
international standards

A meeting sponsored by the United
Nations Conference on Trade and Development (UNCTAD) has been told
the global economic crisis makes it clear that unified,
high-quality international accounting rules are needed. UNCTAD
deputy secretary general Petko Draganov said it has become
abundantly clear that no single country or region can successfully
counter the downturn on its own.

“There is a pressing need for
co-operation and collaboration on a global level. International
standards need to be strengthened and implemented consistently
around the world,” he said.

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EC says ISA benefits would outweigh
costs in European Union countries

The EC has launched a public
consultation to determine whether International Standards on
Auditing (ISAs) should be adopted in the EU.

The commission said an independent
study has found the benefits of adoption would outweigh the

The consultation document considers
issues such as whether ISAs can produce audits that are
proportionate to the size of the audited entities and whether the
ISAs have sufficient international acceptance.

EC Internal Market and Services
Commissioner Charlie McCreevy said: “The use of international
standards, accepted worldwide, for statutory audits in the EU is an
opportunity to enhance the quality and credibility of the financial
statements of EU companies, to the benefit of investors and
citizens.” Comments are requested by 15 September.