Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Timing of Comparative Financial Statements
- This topic has 2 replies, 3 voices, and was last updated 7 years ago by MikeLittle.
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- July 29, 2017 at 7:12 am #399229
Hello Sir Mike,
In course of my study, I found somewhere that comparative financial statements are issued as per the requirement of the ‘Securities Board’ when a company goes for IPO (Initial Public Offering) and when companies merge.
Is this example correct? I am looking for more practical examples on this because I havenot ever seen such statements being issued and audit opinions of different years being expressed in a single report during my audit work.
Would you please help me out sir?
July 29, 2017 at 9:07 am #399251Hi Ram!
Good luck on your exam! Sorry to worry you for answering my previous question.
Thanks!
KyleJuly 29, 2017 at 9:19 am #399255Ram, in all my auditing experience I don’t remember ever coming across comparative information that was separately reported upon
Admittedly I was never involved in any mergers or takeovers nor in any IPOs
Just thinking about the issue rationally, by its very nature the inclusion of comparative information requiring an audit opinion must be an unusual situation so IPOs and mergers / acquisitions clearly stand out as examples of unusual situations
Off the top of my head I can’t think of other specific examples but I imagine a forensic exercise spread over a period of time longer than 1 year could fit the criteria
Does that help?
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