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IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements

2025-12-09T13:32:29+02:00

LATEST UPDATE IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements The International Accounting Standards Board (IASB) has issued illustrative examples demonstrating how companies may apply IFRS Accounting Standards when reporting the effects of uncertainties in their financial statements. The examples use climate-related scenarios as practical illustrations, but the underlying principles apply more broadly to all uncertainties. According to stakeholders, the information companies provide about the effects of uncertainties is sometimes insufficient, or appears inconsistent with the information provided outside their financial statements. To help address this, the IASB developed these illustrative examples to [...]

IASB Issues Illustrative Examples on Reporting Uncertainties in Financial Statements2025-12-09T13:32:29+02:00

IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities

2025-12-09T13:30:03+02:00

LATEST UPDATE IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities The Independent Regulatory Board for Auditors (IRBA) reminds audit firms of the responsibilities and risks associated with auditing listed entities. It is imperative that audit firms rigorously apply the requirements of the International Standards on Quality Management, International Standards on Auditing, the IRBA Code, and other regulatory requirements before accepting such clients. The IRBA has adopted the ‘IFIAR Core Principles’, which requires a risk-based inspections programme. Some 80 percent of IRBA’s inspection resources are dedicated to monitoring audit firms that accept public interest [...]

IRBA Highlights Heightened Responsibilities and Risks in Auditing Listed Entities2025-12-09T13:30:03+02:00

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation

2025-12-09T13:20:03+02:00

LATEST UPDATE IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation The International Auditing and Assurance Standards Board (IAASB) has published a new set of illustrative practitioners’ assurance reports, available on: https://www.iaasb.org/publications/sustainability-assurance-illustrative-reports These illustrative reports aim to further support the implementation of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. While ISSA 5000 includes four illustrative reports that reflect the baseline requirements of the standard, this new publication provides more specific examples to help practitioners apply the standard across a range of engagements. Together, these illustrative reports demonstrate how [...]

IAASB Publishes New Illustrative Reports to Support ISSA 5000 Implementation2025-12-09T13:20:03+02:00

King V (2025)

2025-11-28T14:22:18+02:00

LATEST UPDATE King V (2025) King V, the updated corporate governance code, was released on 31 October 2025 by the IoDSA and King Committee. Effective from 1 January 2026, it replaces King IV and introduces simplified language, refined principles, and a new Disclosure Framework to align with global standards and support ethical leadership. The King V code may be accessed on: https://cdn.ymaws.com/www.iodsa.co.za/resource/collection/927F0970-C1E9-4F30-803C-D74BF386A2B6/King_V_Code.pdf more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List LEAFQuest Advance Your Knowledge in [...]

King V (2025)2025-11-28T14:22:18+02:00

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism

2025-11-28T14:16:44+02:00

LATEST UPDATE Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism This publication provides insights into practices, guides and considerations that can help external auditors exercise, and maintain their professional scepticism effectively during the audit. It discusses the auditor’s responsibilities to exercise professional scepticism as required by the Public Company Accounting Oversight Board (PCAOB) standards in the US. The publication is available on: https://antifraudcollaboration.org/rota-fraud-exercising-and-maintaining-professional-skepticism/ more LEAFQuest Advance Your Knowledge in Auditing Enroll in Our Latest Courses! Quests List [...]

Anti-Fraud Collaboration Publication: The Role of the Auditor: Exercising and Maintaining Professional Scepticism2025-11-28T14:16:44+02:00

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union

2025-11-28T14:12:16+02:00

LATEST UPDATE ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union This Frequently Asked Questions (FAQ) focuses on the relevance of International Standard on Sustainability Assurance (ISSA) 5000 to assurance on sustainability reports to be issued in the European Union. It provides a high-level understanding of how ISSA 5000 can support consistent, high-quality sustainability assurance engagements in the EU – enhancing users’ confidence in sustainability information prepared in accordance with the European Sustainability Reporting Standards (ESRS). The new FAQ explains how ISSA 5000 could be relevant to assurance [...]

ISSA 5000 FAQs: Relevance of ISSA 5000 to Assurance on Sustainability Reports in the European Union2025-11-28T14:12:16+02:00

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions

2025-11-28T14:08:38+02:00

LATEST UPDATE IAASB Technology Position: Technology Catalogue of Issues and Possible Actions As part of the IAASB’s Technology Position, ongoing gap analyses are conducted to ensure standards keep pace with technological developments. This Technology Position is available on: https://www.iaasb.org/publications/technology-position-statement The findings of these analyses are captured in this Catalogue of Issues and Possible Actions. This living document serves as the IAASB’s cross-functional repository for technology-related issues, drawing on stakeholder feedback, outreach activities, and other inputs. It is updated at least semi-annually, or more frequently as needed. The catalogue supports a holistic approach to technology-related developments [...]

IAASB Technology Position: Technology Catalogue of Issues and Possible Actions2025-11-28T14:08:38+02:00

IRBA Annual Report 2025 Tabled in Parliament: A Milestone Year

2025-11-28T13:47:36+02:00

LATEST UPDATE IRBA Annual Report 2025 Tabled in Parliament: A Milestone Year The Independent Regulatory Board for Auditors (IRBA) has officially tabled its Annual Report for the 2024/2025 financial year before the Standing Committee of Finance in Parliament, marking the conclusion of its five-year strategic cycle. The Annual Report reflects a year of significant progress in restoring trust with key stakeholders, enhancing oversight effectiveness, and fostering transparency within the profession. Key highlights include: Strategic Transition Audit Quality Improvements Transformation and Talent Development Regulatory Advancements Stakeholder Engagement. The IRBA also received a clean audit opinion from [...]

IRBA Annual Report 2025 Tabled in Parliament: A Milestone Year2025-11-28T13:47:36+02:00

IASB Issues Amendments for Translating Financial Information into Hyperinflationary Currencies

2025-11-28T13:40:52+02:00

LATEST UPDATE IASB Issues Amendments for Translating Financial Information into Hyperinflationary Currencies The International Accounting Standards Board (IASB) has issued amendments to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These narrow-scope amendments aim to improve the usefulness of the resulting information in a cost-effective manner. Developed in response to stakeholder feedback, these amendments are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency. The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates are effective for [...]

IASB Issues Amendments for Translating Financial Information into Hyperinflationary Currencies2025-11-28T13:40:52+02:00

Educational Modules on the Third Edition of IFRS for SMEs Published

2025-11-28T13:42:52+02:00

LATEST UPDATE Educational Modules on the Third Edition of IFRS for SMEs Published The IFRS Foundation has published a package of new educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard. These materials are aimed at stakeholders learning about or applying the IFRS for SMEs Accounting Standard. New educational modules: Module 12 Fair Value Measurement Module 9 Consolidated and Separate Financial Statements. Each module provides practical support and includes a comparison to the related full IFRS Accounting Standard. The educational models are available on: https://www.ifrs.org/supporting-implementation/2025-ifrs-for-smes-supporting-materials/modules/ more [...]

Educational Modules on the Third Edition of IFRS for SMEs Published2025-11-28T13:42:52+02:00
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