Dating reissued financial statements

16.06.2017

dating reissued financial statements

Communication of Internal Control Related Matters Noted in an Audit. The PCAOB conducts economic and other research and analyses to inform and support PCAOB oversight programs. AU Section Dating of the Independent Auditor's Report. The Auditors Communication with Those Charged with Governance. Several Committee members reiterated the point that IAS 10 is inextricably linked to statemsnts concept of accounting for any adjusting statemeents and disclose any reissuec events. The auditor dating reissued financial statements no responsibility to make any inquiry or carry out any auditing procedures for the period after the date of his report. Consistency of Application of Generally Accepted Accounting Principles. A Comprehensive Restatement of Standards for Auditing The independent auditor has two methods for dating the report when a subsequent event disclosed in the financial statements occurs after the auditor has obtained sufficient appropriate evidence on which to base his or her opinion, but before the issuance of the related financial statements. Reports on Audited Dating reissued financial statements Statements.

In Octoberthe Committee received a request for guidance on the accounting implications of applying IAS 10 when previously issued financial statements are reissued in connection with an offering document. The Committee was asked to clarify whether IAS 10 permits only one date of authorisation for issue when considered in the context of reissuing previously issued financial statements in connection with an offering document. The staff proceeded to provide background information and analysis on the issue raised in the submission and made a recommendation that the Committee should propose an amendment to IAS The staff focused on the securities laws and regulatory practices in certain jurisdictions, which require an entity dating reissued financial statements reissue its previously issued audited annual financial statements statementss connection with an offering document when the most recently filed interim financial statements reflect matters that are accounted for retrospectively under the applicable accounting standards.

For example, an entity that issues IFRS financial statements will reissue its previously issued annual financial statements if it, for example, is issuing an offering document in North America markets. In these jurisdictions an dating reissued financial statements in its reissued financial statements does not recognise events or transactions occurring between the date on which the financial statements were first issued and the time the financial statements were reissued, unless the adjustment is required by national regulation.

The issue that exists is whether IAS 10 permits only one date of authorisation for issue i. The staff noted that two views exist in practice; namely that dual dating is not permitted under IAS 10 and dual dating is permitted under IAS In presenting their recommendation to the Committee, the staff took into consideration the scope of IAS 10 and that implicit in IAS 10 is that the financial statements can have only one date of authorisation for issue.

The staff considered if a new set of financial statements supersedes the previously issued set of financial statements, the investors will want to know about any adjusting and non-adjusting events occurring up to the new date of authorisation for issue. The staff concluded dating reissued financial statements the Committee should propose an amendment to IAS 10 in order to clarify that if an entity reissues dating reissued financial statements new set of financial statements that reisssued the previously issued set, statemeents this entity should in the new set of financial statements account for any adjusting events and disclose any non-adjusting dating reissued financial statements that have occurred between the previous date that the financials were authorised for issue and the new date the financial statements were authorised for issue.

The Committee in their fnancial noted the key driver of this amendment was the securities regulators. Several Committee members reiterated the point that IAS 10 is inextricably linked to the concept of accounting for any adjusting events and disclose any non-adjusting events. In the interests of time, the Chair summarised the key arguments tabled. The first being that if regulatory rules are being brought into IFRS, then the staff analysis seems to be the right approach, however the second key argument was to do nothing and leave in the realm of the regulator since the issue of dual dating was not for IFRS to deal with.

A vote was taken and it was decided to do nothing, however the Chair made the suggestion that any reflections dating reissued financial statements be welcomed at the proceeding Committee meeting. See Legal for reisued copyright and other dating reissued financial statements information. DTTL and each of dwting member firms are legally separate dating reissued financial statements independent entities.

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Login Login Name Password Login Register Forgot password. Welcome My account Logout. Navigation IFRS Interpretations Committee meeting — 13—14 November

IAS 10 — Reissue of financial statements. Date recorded: 13 Nov In October , the Committee received a request for guidance on the accounting. triggers the reissuance of the previously issued annual financial statements. In the past, an auditor would “double date ” the audit report to communicate that the. comes to light after the financial statements and related audit the date of the reissued audit report: original audit report date were limited solely to the. In this instance, the reissued financial statement should not be adjusted unless above (single- dating or dual- dating) to determine how the reissued audit report.