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IRBA re IFRS and Trade Mark Guidelines
- 02 April 2024
- Auditing and Assurance
- South African Accounting Academy
Towards the end of last year, the IFRS Foundation revised its Trade Mark Guidelines, impacting any references to the IFRS Foundation, the International Accounting Standards Board (IASB), the International Sustainability Standards Board (ISSB) and the work of these bodies. These updated guidelines require, among others, that the standards issued by the IASB - including the International Accounting Standards (IASs) and the International Financial Reporting Standards (IFRS) - be referred to as "IFRS Accounting Standards". Furthermore, International Accounting Standards should no longer be referred to as "IASs", but "IAS Standards".
In December 2023, the International Auditing and Assurance Standards Board (IAASB) responded by issuing guidance on how to reference IFRS Accounting Standards, in line with the updated IFRS Foundation Trade Mark Guidelines. This guidance outlines how auditors and practitioners should refer to IFRS Accounting Standards in their reports and describes planned changes to future editions of the IAASB Handbook regarding existing references to IASs and IFRSs.
The IRBA website has been updated to include a health warning on 18 affected IRBA pronouncements and guides (set out in a table in the communiqué), alerting users that references to the IFRS Foundation, the IASB, the ISSB and their work are intended to be aligned to the IFRS Foundation Trade Mark Guidelines.
Additionally, registered auditors are encouraged to follow the guidance provided by the IAASB and the wording used in South African Auditing Practice Statement 3 (Revised March 2024), Illustrative Reports, when citing IFRS Accounting Standards in their reports.
Registered auditors are also encouraged to raise awareness of these changes among both their clients and firms, to ensure a consistent reference to the IFRS Foundation, the IASB, the ISSB and the work of these bodies.
You can access the following documents here:
- Trade Mark Guidelines: https://www.ifrs.org/content/dam/ifrs/about-us/legal-and-governance/legal-docs/trade-mark-guidelines.pdf
- IFRS guidance on how to reference IFRS Accounting Standards: https://www.iaasb.org/publications/implications-iaasb-standards-ifrs-foundation-s-recent-updates-its-trademark-guidelines-relating
- SAAPS 3 (Revised March 2024): https://www.irba.co.za/guidance-to-ras/technical-guidance-for-auditors/auditing-standards-and-guides/south-african-standards-and-practice-statements
Click here to download the IRBA Communiqué:
https://www.irba.co.za/upload/report_files/18.-Communique-_IFRS-and-Trade-Mark-Guidelines.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, as well as what the impact will be on pronouncements that will be issued by IRBA in future.