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Can CPA practitioners report on financial statements prepared in accordance with IFRS for SMEs?

April 26, 2017accordance CPA financial statements ifrs practitioners prepared report SMES

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Can CPA practitioners report on financial statements prepared in accordance with IFRS for SMEs?

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Yes. The AICPA’s governing Council has recognized the IASB as an accounting body for purposes of establishing international financial accounting and reporting principles. With the Council action, the AICPA’s Auditing Standards Board and the Accounting and Review Services Committee have developed clarifying language on how audit, review and compilation reports can be modified when reporting on financial statements prepared in accordance with IFRS. (See Interpretations No. 14 and No. 19 of AU section 508 and Interpretation No. 30 of AR Section 100.