Compliance with accounting standards
Preparers consider recognition, measurement, presentation and disclosure, including applicable transitions and amendments. A claim of compliance with IFRS Accounting Standards is subject to the relevant requirements and should not be made merely because selected standards were followed. Local legal reporting obligations may also apply separately.
Worked example
An entity prepares IFRS statements and assesses the standards applicable to its leases, revenue and disclosures, including required amendments for the reporting period, before making an appropriate compliance statement.
Common mistake
Equating compliance with selecting a few familiar standards, or assuming that compliance with accounting standards automatically fulfils all local legal obligations.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | FR | Direct | September 2026–June 2027 |
| ACCA | SBR | Direct | September 2026–June 2027 |