Standard Reference for Compliance with IFRSs in the EU

APB PN 25

On 25 November 2005 the Audting Practices Board (“APB”) issued Bulletins 2005/3 “Guidance for Auditors on First-time Application of IFRSs in the United Kingdom and the Republic of Ireland” and 2005/4 “Auditor’s Reports on Financial Statements in Great Britain and Northern Ireland”.

In those Bulletins the APB refers to the consensus reached by the European Federation of Accountants (FEE) regarding a standard reference for compliance with IFRSs in the European Union. FEE recommended that the following reference be used “…in accordance with IFRSs as adopted for use in the EU”. This reference was used in the illustrative auditor’s reports set out in Bulletin 2005/4 and the illustrative review report set out in Bulletin 2005/3.

After the Bulletins were published the Accounting Regulatory Committee (ARC) of the European Commission indicated that it was supportive of the following standard formulation for use in the notes to the accounts and in the auditor’s report.

See full Press Release.