Overview

Opinion shopping services, as described in Section 7600, Reports on the Application of Accounting Principles, are only rarely performed in practice today. Preliminary research suggests that entities (particularly public companies) do not ask their auditors for guidance when making accounting or financial statement disclosure decisions.  Instead, entities are engaging practitioners other than their auditors to provide advice on the appropriate application of complex aspects of a financial reporting framework.

The AASB has undertaken a project to determine the appropriate course of action for Section 7600. The overall direction to take regarding the disposition of Section 7600 and various technical matters will be addressed.

Other developments

September 2012

In September 2012, the AASB approved a project proposal to revise and clarify Section 7600. The AASB asked staff to conduct additional research on the nature and extent of services provided by public accountants to help entities properly follow the requirements in financial reporting frameworks to help refine the scope and direction of the project.