Guidance when citing IFRS Accounting Standards

Guidance when citing IFRS Accounting Standards

• 13 December 2023
• Accounting
• South African Accounting Academy

The IAASB Liaison Working Group has coordinated with the Staff of the IASB to understand better how the IFRS Foundation’s recent updates to its trademark guidelines may affect the IAASB’s standards.

The updated IFRS Foundation guidelines require, amongst other things, that International Accounting Standards Board standards, including the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs), be referred to as “IFRS Accounting Standards”.

This guidance clarifies how auditors or practitioners should refer to the IFRS Accounting Standards in their reports. 

The alert also describes changes that the IAASB intends to make to future editions of the IAASB handbook to address existing references to the IASs and IFRSs.

The IAASB’s new guidance clarifies how auditors or practitioners should refer to the IFRS Accounting Standards in their reports. The alert also describes changes that the IAASB intends to make to future editions of the IAASB handbook to address existing references to the IASs and IFRSs.

Click here to download the Guide:

https://ifacweb.blob.core.windows.net/publicfiles/2023-12/IAASB-Implications-for-IAASB-standards-from-IFRS-trademark-guidance.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

• The IAASB’s new guidance clarifies how auditors or practitioners should refer to the IFRS Accounting Standards in their reports. The alert also describes changes that the IAASB intends to make to future editions of the IAASB handbook to address existing references to the IASs and IFRSs.

• Auditors, Independent Reviewers and Accountants should always be aware of the latest publications issued by regulators and standard-setting boards, such as the IAASB.

Relevance to Your Clients:

• None

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