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Hi sir
in reporting under eomp paragraph i saw an example ” early application of acc std ”
can you please explain what it means and how is it related with eompA new IFRS will have an effective date “for accounting periods ending on or after [date]”. But most IFRSs will permit earlier application. Obviously it will depend on the IFRS and the specific entity, but applying a new IFRS could have a significant impact on the financial statements. For a listed entity it could be a KAM – in which case it would be reported in the KAM section. If not a KAM, but the auditor considers that the new accounting policy (which would be disclosed in the accounting policies note to the financial statements), it could be drawn to the users attention in an EoM.
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