APB PN 21
The Auditing Practices Board (the APB) has today published two related Bulletins.
Bulletin 2005/3 entitled – ‘Guidance for Auditors on First-time Application of IFRSs in the United Kingdom and the Republic of Ireland’; and
Bulletin 2005/4 entitled – ‘Auditor’s Reports on Financial Statements in Great Britain and Northern Ireland’.
Both Bulletins were issued as interim guidance earlier in 2005 pending consensus being reached within Europe as to how best to describe the financial reporting framework based on IFRSs as endorsed by the European Union.
The consensus that has developed arising from a consultation paper issued by FEE (Fédération des Experts Comptables Européens) is that the framework should be described as: ‘International Financial Reporting Standards (IFRSs) as adopted for use in the European Union’. This wording is very similar to the description used in the interim Bulletins and the APB has adopted it in the various illustrative audit and review reports included in the final guidance.
See full Press Release.
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