PracticeAuditEuropean accountants study IFRS differences

European accountants study IFRS differences

FEE looks into implications of two types of IFRS.

The European Federation of Accountants (FEE) has questioned how the changes made to international financial reporting standards should be treated in an audit report.

Link: Battle lines drawn in GLO fight

In a discussion paper launched today (Tuesday), the FEE argued that when making reference to the accounting framework used in accounts and the audit report, it is not clear how to distinguish between full IFRS and the European Union-endorsed version.

The body is seeking a consensus on how the framework should be referred to in financial statements, whether companies should mention if they comply with full IFRS, and how the framework should be described in the audit report.

Currently, full IFRS differs from what the EU is implementing, primarily because of disagreements over financial instruments standard IAS39. The EU has ‘carved out’ two sections of the standard, which were causing serious concern within Europe’s banking community.

Related Articles

KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1w Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2w Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

3w Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

3w Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

2m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

2m Alia Shoaib, Reporter
Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

Audit Carillion inquiry: missed red flags, aggressive accounting and the pension deficit

2m Alia Shoaib, Reporter
Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

Audit Deloitte’s audits of Hezbollah-linked bank to be examined by Dubai court

2m Alia Shoaib, Reporter