Page 7 - NewsletterJune2015

Governance, Transparency and Service to Members & Students www.icap.org.pk technical update Amendments to the IFRS for Small (PAIBs) in deciding how best to act in the public interest and Medium-Sized Entities when they come across an act or suspected act of non- compliance with laws and regulations. The Exposure Draft is open for comments through September 4, 2015. The International Accounting Standards Board (IASB) has published amendments to 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRS for SMEs). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. The amendments are effective for annual periods beginning on or after 1 January 2017 with earlier application permitted. The most significant changes arising from the amendment are: • the option to use the revaluation model for property, plant and equipment; • the alignment with IAS 12, ‘Income taxes’, of the main recognition and measurement requirements for deferred income tax; and • the recognition and measurement requirements for exploration and evaluation assets have been aligned with IFRS 6 ‘Exploration for and Evaluation of Mineral Resources’. IASB publishes Exposure Draft of a New Conceptual Framework The IASB has published Exposure Draft (ED) containing Revised ICAP Code of Ethics 2015 revision and amendment to the existing Conceptual Framework. Included in the ED are proposals to revise the The Council in its 261st meeting held on January 24, definitions of asset and liability, to introduce guidance on 2015 adopted the revised Code of Ethics 2015 which measurement and derecognition, and to set a framework is based on the Handbook of the Code of Ethics for for presentation and disclosure. Comments are due on Professional Accountants 2014 issued by IFAC with October 26, 2015. some amendments. IESBA issues Exposure Draft: The revised Code, which is effective for audits of financial statements for periods beginning on or after July 01, 2015, Responding to Non-Compliance supersedes the previous ICAP Code issued in May 2008. with Laws and Regulations The revised Code of Ethics 2015 can be downloaded from ICAP website at http://www.icap.net.pk/wp-content/ The International Ethics Standards Board for Accountants uploads/2013/12/ICAP-Code-of-Ethics-2015.pdf (IESBA) has issued for public comments Exposure Draft ‘Responding to Non Compliance with Laws and In order to facilitate members a presentation on key Regulations’ which sets out a new framework to guide changes in the revised Code has been placed at http:// auditors, other professional accountants in public www.icap.org.pk/presentation-on-revised-icap-code-of- practice, and professional accountants in business ethics-2015 June 2015 7