193 paragraphs found
For accounting estimates that give rise to significant risks, in addition to other substantive procedures performed to meet the requirements of ASA 330 , ASA 540 [28] requires the auditor to evaluate the following: How management has considered …
As markets become inactive, the change in circumstances may lead to a move from valuation by market price to valuation by model, or may result in a change from one particular model to another. Reacting to changes in market conditions may be difficult if …
Financial instruments may be used by financial and non-financial entities of all sizes for a variety of purposes. Some entities have large holdings and transaction volumes while other entities may only engage in a few financial instrument transactions. …
The following Australian Auditing Standards are particularly relevant to audits of financial instruments: ASA 540 [1] deals with the auditor’s responsibilities relating to auditing accounting estimates, including accounting estimates related to financial …
This Guidance Statement is relevant to entities of all sizes, as all entities may be subject to risks of material misstatement when using financial …
The guidance on valuation [5] in this Guidance Statement is likely to be more relevant for financial instruments measured or disclosed at fair value, while the guidance on areas other than valuation applies equally to financial instruments either measured …
Also, this Guidance Statement does not deal with specific accounting issues relevant to financial instruments, such as hedge accounting, profit or loss on inception (often known as “Day 1” profit or loss), offsetting, risk transfers or impairment, …
An audit in accordance with Australian Auditing Standards is conducted on the premise that management and, where appropriate, those charged with governance have acknowledged certain responsibilities. Such responsibilities subsume making fair value …