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Audit & IFRS Newsletter Q.1 – 2021



  • Fiscal Unity Guidelines issued by Malta Institute of Accountants
  • Change effective from 2021: ‘COVID-19 related rent concessions’ extension
  • Change effective from 2023: ‘Material’ rather than ‘Significant’ accounting policies
  • Change effective from 2023: ‘Policies’ versus ‘Estimates’
  • IASB Proposal: New standard to improve rate-regulated entities’ reporting
  • IASB Proposal: New approach to improve ‘Notes to the Financial Statements’
  • IESBA’s and IFAC’s Partnership in delivering ethics and independence resource
  • IAASB issues support material to help auditors address risk of overreliance on technology
  • New article by IAASB chair: Assurance standards keeping pace on non-financial reporting
  • Exposure Draft On Revised Audit Management Standards


  • Broad Stakeholder Participation In IESBA Consultation On Public Interest Entity Definition