Syllabus A3

Memory test

Test yourself on these notes:

Benefits of adopting IFRS are:

Benefits of adopting IFRS

  • They are high-quality and transparent global standards that are intended to achieve consistency and comparability

  • Companies that use IFRS and have their financial statements audited in accordance with International Standards on Auditing (ISA) will have an enhanced status and reputation

The IFRS Interpretations Committee Roles are:

The IFRS Interpretations Committee ROLES:

1. Interpret the application of IFRSs
2. Provide timely guidance on financial reporting issues not specifically addressed in IFRSs
3. Publish draft Interpretations for public comment