ICAEW guidance on audit implications of IFRSs
28 Jul 2004
The Institute of Chartered Accountants in England and Wales has published guidance on (PDF 93k) intended to assist auditors in assessing the state of their clients' readiness for the transition to IFRSs and to prepare for the auditing implications.
It is easy to make a high-level comparison of UK GAAP and IFRS and conclude that there are few major differences; however there are many important detailed differences, many of which will be discovered only by a thorough analysis of a company's transactions and exposures. Matters that need to be considered include:
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