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