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Hi Mike
i know you have said time and time again that we dont need to write the exact auditing standard down (IAS 2 states this …) but wouldnt it save time if you did?
Also can we write balance sheet and profit or loss instead of statement of…
I know the answer is obvious but need clarification 😛
Thanks
” but wouldnt it save time if you did?”
How? Why not simply start with “Either of two models can be applied – the cost model or the fair value model”
Why do you need to say anything about a standard and how have I wasted time by not mentioning them?
Yes … but equally you could write “Statement of financial position (SoFP) …” or “Statement of profit or loss (SoPoL) …” and you could do that in the time that you’re saving by not quoting what standards say!
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