Forum of Firms paper on application of IFRSs

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25 Feb 2007

IFAC's Forum of Firms has released a new good practices document entitled Perspectives on the Global Application of IFRS.

Launched in January 2001, the Forum of Firms (FOF) is an organisation of international firms that perform audits of financial statements that are or may be used across national borders. The new FOF guidance document was developed by the FOF's Transnational Auditors Committee, which is chaired by P Nicholas Fraser of Deloitte (France). It is based on interviews with ten Forum members, illustrates the progress made with IFRSs, and sets out examples of good practices that the network firms are implementing. Click Download the Guidance Document (PDF 192k).

When the document refers to IFRSs, it includes not only IFRSs as issued by the IASB but also:

  • IFRS as adopted by the European Union
  • Australian GAAP (which incorporates Australian equivalents to IFRS)
  • Hong Kong Financial Reporting Standards
  • South African GAAP (which closely follows IFRS)

"This does not mean that the firms endorse departures from IFRS as issued by the IASB. Ideally, the firms would prefer all countries adopting IFRS to do so without variation. But the firms recognise the practical reality that these limited differences in IFRS frameworks exist."

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