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IFAC publishes its 2002 annual report

  • IFAC (International Federation of Accountants) (lt gray) Image

10 Jul 2003

The International Federation of Accountants (IFAC) has published its 2002 Annual Report (PDF 597k).

Interestingly, in previous years, IFAC had prepared its financial statements in accordance with IFRS. However, IFAC has now determined that preparation in accordance with International Public Sector Accounting Standards is more appropriate due to the nature of the organisation. Their 2002 report noted: "There has been no substantive difference in the recognition and measurement of amounts included in IFAC's financial statements resulting from the change of standards applied. However, as a result of some changes on the face of the financial statements, comparative figures have been adjusted to ensure they conform to the disclosure changes made."

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