On August 25, 2021, the Professional Regulatory Board of Accountancy (the Board) issued Resolution No. 30, Series of 2021 approving the pronouncements approved and submitted by the Financial and Sustainability Reporting Standards Council (then Financial Reporting Standards Council) to the Board which includes Disclosure of Accounting Policies (Amendments to PAS 1 and PFRS Practice Statement 2).
The Auditing and Assurance Standards Council (AASC) recognized that Disclosure of Accounting Policies (Amendments to PAS 1 and PFRS Practice Statement 2) impacts the Report of Independent Auditor and other aspects of an audit engagement and thus, has approved on February 26, 2024 AASC Alert No. 001, Series of 2024, Impact of Amendments to PAS 1, Presentation of Financial Statements on Report of Independent Auditor and Other Aspects of an Audit Engagement in order to provide guidance to external auditors.