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The Assurance Working Group has been established to work closely with the International Federation of Accountants (IFAC) to work through the issues related to audit and assurance of XBRL formatted reports. Australia is actively engaged in the XBRL International Assurance Working Group and attended the 2 day kick off meeting in New York on 17 and 18 October. The notes of that meeting are included under the Resources below. The result of the meeting was to create a briefing paper to IFAC for the creation of a taskforce to issue standards and/or guidance on the audit of XBRL formatted reports. We have been involved in the drafting of that briefing paper, which was presented to the IAASB at a meeting in Cape Town, South Africa at the beginning of December 2005. A copy of the paper is also included under Resources below. As a result of that presentation, IAASB has asked XBRL International to answer several questions in relation to XBRL and its impact on assurance (refer Report Back link under Resources below). XBRL Australia is again taking a leadership role in one of the working groups established to provide the answers IAASB require. Specifically, we are identifying the various scenarios that may arise in relation to XBRL based reporting and the impact of them on the International Assurance Framework - published in Australia as AUS 108. Our participation beyond that will depend upon the composition of any IFAC Taskforce that results from the consideration of the paper at that meeting.
Resources
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