FRC issues guidance on IFRS; uncertainties remain

The Auditing Practices Board (APB) has announced the publication of advice to auditors on the application of IFRS.

The Draft Bulletin 2005/3 entitled – ‘Guidance for Auditors on First-time Application of IFRSs in the United Kingdom and the Republic of Ireland’, was published yesterday.

The APB says that in August 2004 it published a draft Bulletin that "provided auditors with preliminary guidance on issues that may arise when companies (and other entities that are subject to audit) undertake the transition from UK/Irish GAAP to IFRSs."

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