For all UK companies whose securities are publicly traded in the EU, the APB proposes that the auditor's report refer to conformity with IFRSs adopted for use in the European Union as the primary reporting framework:
In our opinion the group financial statements give a true and fair view, in accordance with those IFRSs adopted for use
in the European Union....
|
The draft bulletin notes that many companies will be in a position of complying with both IFRSs as issued by the IASB and
those IFRSs adopted for use in the European Union. If that is the case, and if the entity wants the auditor also to express an opinion about conformity with IFRSs, the draft bulletin proposes that the auditor separately state a second opinion with regards to full IFRSs, as follows:
As explained in Note X, the group in addition to complying with its legal obligation to comply with those IFRSs adopted for use in the European Union, has also complied with the IFRSs as issued by the International Accounting Standards Board.
In our opinion the group financial statements give a true and fair view, in accordance with IFRSs....
|
The draft bulletin may be downloaded from the APB's Website. Comments are requested by 1 August 2005.