Deloitte Touche Tohmatsu policy on IFRS terminology

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28 Aug 2002

The new Preface to International Financial Reporting Standards (IFRSs), issued in April 2002, states that "when the term IFRSs is used..., it includes standards and interpretations approved by the IASB, and International Accounting Standards (IASs) and SIC interpretations issued under previous Constitutions." Consistent with the Preface, Deloitte Touche Tohmatsu is recommending that its clients' financial statements indicate, in the "basis of preparation" note, that the financial statements are prepared on the basis of IFRS, rather than IAS.

In that case, the Firm's audit report will also refer to IFRS. Because no final IFRS has actually yet been issued by IASB, DTT will not yet insist that its clients refer to IFRS. If a client chooses to continue to refer to IAS, the Firm's audit report will be consistent with the client's terminology. However, as soon as the first new IFRS is issued and effective, both the client's financial statements and the Firm's audit report must adopt the IFRS terminology.

Correction list for hyphenation

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