STANDARDS c o n t .
with turnover of more than R50million as:
?
The Qualifying Small Enterprises (QSE) amended 2013
scorecard has not yet been gazetted and therefore cannot
be early adopted.
?
The Exempt Micro Enterprises (EME) only require affidavits
in terms of the amended 2013 CoGP and are therefore not
consideredmeasured entities. Early adoption only applies
to measured entities. Therefore the amended 2013 CoGP
may not be applied to EMEs.
Second phase of amended B-BBEE Codes of Good
Practice (CoGP)
?
On 10 October 2014, theMinister of DTI gazetted Phase 2 of
the B-BBEE Codes of Good Practice for comment. The
public commentary period ended on 9 December 2014. The
following codes and statements were part of the Phase 2
commentary:
?
Code 000 Statement 003:
Development and gazette of Sector Charters
?
Code 000 Statement 004:
Scorecard for Specialised Enterprises
?
Code 100 Statement 102:
Recognition in the Sale ofAssets
?
Code 100 Statement 103:
Recognition of Equity Equivalents for Multinationals
?
Code 600 Statements 600-605:
Qualifying Small Enterprise Statements
The Department of Trade and Industry (DTI) has not gazetted
these codes for use.
The ASB issued its Discussion Paper 9: Materiality –
Reducing Complexity and Improving Reporting in July 2014. A
task group of the CFAS prepared and submitted comments on
the discussion paper to theASB on 15 January 2015.
The discussion paper is available on the ASB's website at
The IIRC issued the following papers on assurance on
integrated reporting (<IR>) in July 2014, with comments
requested by 8 December 2014:
?
Assurance on <IR> –An Introduction to the Discussion; and
Accounting Standards Board (ASB)
International IntegratedReportingCouncil (IIRC)
?
Assurance on <IR> –An Exploration of Issues.
The IRBA obtained comments on the papers through round-
table discussions, held in Johannesburg and Cape Town. The
IRBA comment letter was submitted to the IIRC on 8
December 2014.
The discussion papers are available on the IIRC's website at
Proposed International Standards on Auditing (ISAs), ISA
800 (Revised) and ISA805 (Revised)
On 23 January 2015, the IAASB issued proposals to enhance
auditor reporting on special-purpose financial statements. The
exposure draft includes changes proposed to ISA800,
Special
Considerations
– Audits of Financial Statements Prepared in
Accordance with Special Purpose Frameworks, and ISA 805,
Special Considerations
– Audits of Single Financial
Statements and Specific Elements, Accounts or Items of a
Financial Statement.
The IAASB agreed to limit its proposals to reporting in the
above engagements, and thus does not intend to
substantively change the underlying premise of audits of
financial statements to which those ISA800 and ISA805 apply.
A task group of CFAS will prepare a comment letter, with
comments due to be submitted by 22April 2015. The exposure
dra f t i s ava i l ab l e on t he IAASB ' s webs i t e a t
IAASB Work Plan for 2015-2016: Enhancing Audit Quality
and Preparing for the Future
The IAASB issued its Work Plan for 2015-2016 on 17
December 2014. TheWork Plan sets out the IAASB's priorities
and actions for the 2015-2016 period. The Work Plan is
available on the IAASB's website at
IAASB Strategy for 2015-2019: Fulfilling Our Public
Interest Mandate in an EvolvingWorld
The IAASB's Strategy for 2015-2019 was issued on 17
December 2014. The Strategy describes the board's strategic
objectives that articulate its vision over the medium term. The
The International Audit and Assurance Standards Board
(IAASB)
8
Issue 28 October 2014 - March 2015
