ISA 540 (Revised) Implementation
What the Project Aims to Achieve
The objective of the project is to:
- Promote awareness of the revised standard.
- Inform and educate users.
- Open a dialogue to learn about the experiences of those responsible for adopting and implementing the standard.
- Prepare for post-implementation review efforts.
Project Timeline
Please note that forecasted milestones are targets and are subject to change.
Current Status of the Project
In quarter 3 of 2020, the IAASB completed its activities to support the first-time implementation of ISA 540 (Revised).
The IAASB expects the ISA 540 (Revised) PIR activities to commence in quarter 1 or 2 of 2023, subject to competing priorities amid the pandemic. The findings from the PIR activities may result in further information gathering and research activities, or a project or other workstream activity for the IAASB depending on the findings from the review and the IAASB’s consideration of recommendations.
Working Group Information
IAASB Staff Contact
Working Group Members
- Rich Sharko, Chair
- Sachiko Kai
- Fernando Ruiz Monroy
- Johanna Field
- Sylvia Van Dyk
- Keith Billing
Project Stages
Issued Document
ISA 540 (Revised) – Final Pronouncement ISA 540 (Revised) Implementation – Basis for Conclusions ISA 540 (Revised) Implementation – At a Glance in English ISA 540 (Revised) Implementation – At a Glance in French ISA 540 (Revised) Implementation – Presentations ISA 540 (Revised) Implementation – Flowcharts and Diagram ISA 540 (Revised) Implementation – Video Panel Discussions ISA 540 (Revised) Implementation – Audit Client Briefing ISA 540 (Revised) Implementation – Simple and Complex Illustrative Examples ISA 540 (Revised) Implementation – Expected Credit Losses Illustrative Examples
