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29 October 2010

Farris Partner Trevor Scott member of CBA/AASB team advising on IFRS audit inquiries

Farris corporate partner, Trevor Scott is a member of the joint team of the Canadian Bar Association and Auditing and Assurance Standards Board (AASB) who recently issued this Interim Guidance on how to deal with audit inquiries under IFRS.

IFRS are scheduled to come into effect in Canada, starting in December 2010. IFRS will affect the Joint Policy Statement on Audit Enquiries (JPS) in two ways. First, different accounting frameworks will be available for entities to use depending on whether they are publicly accountable enterprises, private enterprises, not for profit organizations or governments. Second, the reporting standard for contingencies will change.

The interim guidance is designed to reduce uncertainty until the outcome of the proposed International Accounting Standards Board amendments to IAS 37, which change the reporting standards for contingencies, is determined.

For Trevor Scott’s bio please click here.

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