The International Auditing and Assurance Standards Board (IAASB) — has released its advice on dealing with the application of the mark to market rules in IAS 1 and IAS 39 under IFRS.
The alert discusses:
• Challenges faced in accounting on the basis of fair value;
• Requirements and guidance in standards that are particularly relevant to fair values;
• Other considerations in audits of fair value
• Initiatives of the International Accounting Standards Board; and
• Recent revisions to extant standards on auditing
accounting estimates and fair value measurements and disclosures which, while not yet effective, may be helpful to auditors.