: If the auditor is a continuing auditor, the report has to be updated.If the auditor is a predecessor auditor and the client is reusing the report, additional procedures are required, including a requirement to obtain an updating representation letter from management and a representation letter from the successor auditor.EXPENSES are the daily costs incurred in running and maintaining a business. DISTRIBUTION CHANNEL is a way of selling a company's product either directly or through distributors, e.g.
Dual dating review report 50 plus chat room
The staff focused on the securities laws and regulatory practices in certain jurisdictions, which require an entity to reissue its previously issued audited annual financial statements in connection with an offering document when the most recently filed interim financial statements reflect matters that are accounted for retrospectively under the applicable accounting standards.
For example, an entity that issues IFRS financial statements will reissue its previously issued annual financial statements if it, for example, is issuing an offering document in North America markets.
In the case of a predecessor auditor consenting to reuse a previous report, additional procedures are always required.
Under ordinary conditions, the auditor should date his or her report as of the date of completion of fieldwork.
Several Committee members discussed the implications of not amending IAS 10 and issuing “Pro-forma” or “General Purpose” financials with offering documents, however the majority of the Committee members noted that where possible, the quality that IFRS financial statements affords, should be something that is extended to the situations where financial statements are reissued for the purpose of offering.
Several Committee members reiterated the point that IAS 10 is inextricably linked to the concept of accounting for any adjusting events and disclose any non-adjusting events.
The first being that if regulatory rules are being brought into IFRS, then the staff analysis seems to be the right approach, however the second key argument was to do nothing and leave in the realm of the regulator since the issue of dual dating was not for IFRS to deal with.
A vote was taken and it was decided to do nothing, however the Chair made the suggestion that any reflections would be welcomed at the proceeding Committee meeting.
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The Committee was asked to clarify whether IAS 10 permits only one date of authorisation for issue when considered in the context of reissuing previously issued financial statements in connection with an offering document.