Document ID: chunk:federal_register_of_legislation:F2022C01152:reg:4:p1
Version: federal_register_of_legislation:F2022C01152
Segment Type: reg
Provision Reference: reg 4 (pt 1/63)
Character Range: 13243–16458

4                                                                                      Amended       ASA 2021-5 [22]
A61                                                                                    Amended       ASA 2021-1 [89]
Footnote 39

AUTHORITY STATEMENT

 Auditing Standard ASA 540 Auditing Accounting Estimates and Related Disclosures (as amended to 5 November 2021) is set out in paragraphs Aus 0.1 to A152 and Appendices 1 to 2.

 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 International Standard on Auditing ISA 540 Auditing Accounting Estimates and Related Disclosures issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

This Auditing Standard incorporates terminology and definitions used in Australia.

The equivalent requirements and related application and other explanatory material included in ISA 540 in respect of "relevant ethical requirements", have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.

Compliance with this Auditing Standard enables compliance with ISA 540.

Auditing Standard ASA 540

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 540 Auditing Accounting Estimates and Related Disclosures pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 5 December 2018.

This compiled version of ASA 540 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 5 November 2021 (see Compilation Details).

Auditing Standard ASA 540

Auditing Accounting Estimates and Related Disclosures

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 15 December 2019.  Early adoption of this Auditing Standard is permitted prior to this date.  [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of