Exposure Draft – Proposed International Standards on Auditing 540 (Revised and Redrafted) – Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures

As the representative organisation of the European accountancy profession, FEE is pleased to comment on the Exposure Draft – Proposed International Standard on Auditing (ISA) 540 (Redrafted) on Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures (Proposed ISA 540).

FEE supports Proposed Revised and Redrafted ISA 540 and, specifically, the combination of previous ISAs 540 and 545. Our detailed comments on how the standard would in our view be further enhanced are set out below. This letter also includes our responses to the questions raised.

 Sylph 070418 ISA 540 Estimates