The AASB has issued a Re-exposure Draft of a proposed new standard that would replace existing Section 5020, Association. Stakeholders are encouraged to submit their comments by May 13, 2016. As reported by The Standard.

This Re-exposure Draft reflects proposals made by the Auditing and Assurance Standards Board (AASB). Individuals and organizations are invited to send written comments on the Re-exposure Draft proposals. Comments are requested from those who agree with the Re-exposure Draft as well as from those who do not. Comments are most helpful if they are related to a specific paragraph or group of paragraphs.

Any comments that express disagreement with the proposals in the Re-exposure Draft should clearly explain the problem and include a suggested alternative, supported by specific reasoning. All comments received by the AASB will be available on the website shortly after the comment deadline, unless confidentiality is requested. The request for confidentiality must be stated explicitly within the response.

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