Printer Friendly

Managing International Financial Reporting Standards.

To help auditors address reporting issues arising from the first-time adoption of International Financial Reporting Standards (IFRSs), the staff of the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) along with staff of professional accountancy bodies, national standard setters, and audit firms have prepared a series of key questions and answers in a document entitled First Time Adoption of IFRSs--Guidance for Auditors on Reporting Issues. The publication is available electronically from the Other category of the IFAC Web site's online store at

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
COPYRIGHT 2004 Society of Management Accountants of Canada
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:New and noteworthy information you can use
Author:Colman, Robert
Publication:CMA Management
Article Type:Brief Article
Geographic Code:1CANA
Date:Nov 1, 2004
Previous Article:CMA Management article garners Award of Merit.
Next Article:Canadian manufacturers less bullish.

Related Articles
FASB Adds Financial Performance Reporting. (Domestic).
Highlights of board of directors' December meeting. (member news).
IFRS: a turning point.
Peering into the future: emerging issues in governmental accounting.
Business Valuation and Taxes: Procedure, Law, and Perspective.
Handbook of U.S. Labor Statistics: Employment, Earnings, Prices, Productivity, and Other Labor Data 2006, 9th ed.
2007 will see increased emphasis on securing US ports from terrorist attacks.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters