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July 26, 2009

News Briefs

REGULATIONIAASB 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 ISAs.

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

IFRSUNCTAD 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.

AUDITEC 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 costs.

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.

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