Managing International Financial Reporting Standards.
The 2005 adoption in the European Union of IFRSs, and the adoption of IFRSs in other countries, has given rise to requests for auditors to audit, review, or otherwise report on various forms of financial and non-financial information prepared by entities during their transition from previously applied national accounting standards to IFRSs. Although not a pronouncement of the IAASB or IFAC, the document is being made widely available to help auditors in those countries where these common issues are faced.
"This guidance includes detailed answers to common questions regarding the auditors' report on information related to an entity's IFRS transition," said IAASB technical director Jim Sylph. "It is hoped that the guidance will assist auditors in addressing some of the issues related to IFRSs transition and contribute to greater consistency in audit practice."
For more information visit www.ifac.org.
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|Title Annotation:||New and noteworthy information you can use|
|Article Type:||Brief Article|
|Date:||Nov 1, 2004|
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