193 paragraphs found
Most financial reporting frameworks, including Australian Accounting Standards, require disclosures in the financial report to enable users of the financial report to make meaningful assessments of the effects of the entity’s financial instrument …
Most frameworks require the disclosure of quantitative and qualitative information (including accounting policies) relating to financial instruments. The accounting requirements for fair value measurements in financial statement presentation and …
Disclosure requirements include: Quantitative disclosures that are derived from the amounts included in the financial report―for example, categories of financial assets and liabilities; Quantitative disclosures that require significant judgement―for …
The more sensitive the valuation is to movements in a particular variable, the more likely it is that disclosure will be necessary to indicate the uncertainties surrounding the valuation. Certain financial reporting frameworks, including Australian …
Some financial reporting frameworks, for example, Australian Accounting Standards, require disclosure of information that enables users of the financial report to evaluate the nature and extent of the risks arising from financial instruments to which the …
Certain factors may make auditing financial instruments particularly challenging. For example: It may be difficult for both management and the auditor to understand the nature of financial instruments and what they are used for, and the risks to which the …
See ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Accounting Standards , paragraph 15 …
[12] The auditor’s focus in planning the audit is particularly on: Understanding the accounting and disclosure requirements; Understanding the financial instruments to which the entity is exposed, and their purpose and risks; Determining whether …
ASA 300 Planning an Audit of a Financial Report deals with the auditor’s responsibility to plan an audit of a financial report. …
ASA 540 requires the auditor to obtain an understanding of the requirements of the applicable financial reporting framework relevant to accounting estimates, including related disclosures and any regulatory requirements. [13] The requirements of the …