Boards and Audit Committees need to be fully up-to-date with current and future developments in IFRS; but more importantly, they need to understand the principles underpinning the preparation of the financial statements and the auditor’s judgements. They must be prepared to invest the time necessary to understand why criti¬cal accounting policies are chosen and how they are applied, and to satisfy themselves that the end result fairly reflects their understanding.

All IFRS related matters relevant to your role can be found in the following ACI publication: ACI Insights into IFRS: An overview (2013)

Further IFRS insights and hot topics can be found on the following link: IFRS Institute


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