The Accounting Professional and Ethical Standards Board (APESB) released an exposure draft of APES 315 Compilation of financial information on Tuesday 4 March.

The exposure draft proposes clarification of the fundamental responsibilities of accountants who collect, classify and summarise financial information. It also updates ethical and professional conduct provisions to reflect APES 110 Code of ethics for professional accountants.

The proposed APES 315 is scheduled to be operative from 1 January 2009 and will replace APS 9 Statement on compilation of financial reports. 

Accountants currently undertake a wide range of financial information management assignments compared to previously.

The scope of the proposed revised standard has been expanded to include all financial information compiled by a professional accountant.

It also recognises the need for clear documentation and communication of the agreed scope of work to be completed, and the obligations relating to the work.

In addition, the APESB also agreed in principle to withdraw miscellaneous professional statement APS  Statement of management consulting services standard.

APS 8 was issued 24 years ago to communicate the relevant requirements. But, in light of the recent issue with APES 110 and other developments, APS 8 is now considered redundant. The APESB nonetheless values comments from interested parties.

The APESB also published meeting notes from its 12 February 2008 meeting which are available on the its website.

Comments on the exposure draft can be emailed to professionalstandards@cpaaustralia.com.au by Monday 14 April 2008. Please indicate the topic of your comments in the emails subject header.

For further information, or to view the exposure drafts, visit the APESB's website.