Document ID: chunk:federal_register_of_legislation:F2023C01122:body:0:p2
Version: federal_register_of_legislation:F2023C01122
Segment Type: other
Provision Reference: 
Character Range: 3022–6956

Application......................................................Aus 0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Effective Date...............................................................2

Objective..................................................................3

Requirements

Inventory.................................................................4-8

Litigation and Claims........................................................9-12

Segment Information.........................................................13

Application and Other Explanatory Material

Inventory..............................................................A1-A16

Litigation and Claims....................................................A17-A25

Segment Information....................................................A26-A27

COMPILATION DETAILS

Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 501 (October 2009) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard            Date made        Operative Date
ASA 501 [A]         27 October 2009  Financial reporting periods commencing on or after 1 January 2010
ASA 2011-1 [B]      27 June 2011     Financial reporting periods commencing on or after 1 July 2011
ASA 2020-1 [C]      3 March 2020     Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2022-1     [D]  27 April 2022    Financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 501     F2009L04085          16 November 2009   17 November 2009

ASA 2011‑1  F2011L01379          30 June 2011       1 July 2011

ASA 2020-1  F2020L00252          13 March 2020      14 December 2021

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected  How affected  By … [paragraph]
Aus 0.1(a)          Amended       ASA 2011-1 [34]
A4                  Amended       ASA 2020-1 [129]
A3                  Amended       ASA 2022-1 [33]
A3

Footnote 4          Deleted       ASA 2022-1 [33]

AUTHORITY STATEMENT

 Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A27.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with the Inventory and Segment Information sections (paragraphs 1-8, 13, A1-A16 and A26-A27) of International Standard on Auditing ISA 501 Audit Evidence—Specific Considerations for Selected Items, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC).

The other paragraphs of ISA 501 relating to Litigation and Claims (paragraphs 9-12 and A17-A25) are incorporated into ASA 502 Audit Evidence—Specific Considerations for Litigation and Claims.

The AUASB has decided to continue to issue ASA 502 as a separate Auditing