FRC issues guidance on IFRS; uncertainties remain

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The Auditing Practices Board (APB) has announced the publication of advice to auditors on the application of IFRS.

The Draft Bulletin 2005/3 entitled ' 'Guidance for Auditors on First-time Application of IFRSs in the United Kingdom and the Republic of Ireland', was published yesterday.

The APB says that in August 2004 it published a draft Bulletin that "provided auditors with preliminary guidance on issues that may arise when companies (and other entities that are subject to audit) undertake the transition from UK/Irish GAAP to IFRSs."

It explained that since then "a number of uncertainties have been resolved and there have been various developments in auditing and financial reporting that are reflected in this further interim guidance. "

The Bulletin also includes guidance on the auditor's...

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