La NIA-ES 540 Revisada “Auditoría de las estimaciones contables y otra información a revelar” y su oportunidad ante la actual situación mundial

The supervisory body of the auditing activity in Spain, Instituto de Contabilidad y Auditoría de Cuen-tas (ICAC), through the Resolution dated October 27, 2020, has published the Technical Auditing Standard resulting from the adaptation of the International Standards on Auditing, “Auditing Ac-counting Estimates and Related Disclosures”, NIA 540-ES (Revised) for their application in Spain. The International Standards on Auditing (ISA) were incorporated, upon their adaptation, to the national regulations through the ICAC Resolution dated October 15, 2013, identified as NIA-ES in Spanish, becoming effective for the fiscal year audits starting on January 1, 2014. These standards have been applied since then to any audit of accounts, notwithstanding the characteristics of the audited entities and whether they are public interest entities or small to medium-sized enterprises.On the one hand, the revision of ISA 540 was prompted by the inadequacies revealed in its imple-mentation concerning the behaviour of the accounting estimates during the previous global finan-cial crisis that began in 2008. On the other hand, it was motivated by the growing significance of accounting estimates and prospective information in financial information frameworks.A conclusion is presented after the detailed comparative analysis of the modifications introduced by the standard.