The international auditing and assurance standards board of the International Federation of Accountants issues an exposure draft (ED) containing a proposed international auditing standard (ISA), Review of Interim Financial Information Performed by the Auditor of the Entity. The proposal provides guidance on the scope of such reviews, which differs from that of reviews performed by a practitioner—who is not the entity’s auditor—in accordance with ISA 910, Engagements to Review Financial Statements. The ED is available at the IFAC Web site ( www.ifac.org/Guidance/EXD-Details.php?EDID=0020 ). Comments are due September 30.
The International Accounting Standards Board (IASB) releases International Financial Reporting Standard (IFRS) 1, First-time Adoption of International Financial Reporting Standards. It requires an entity to comply with every IASB standard in force in the first year the entity adopts IFRSs, with certain exceptions related to the cost of full compliance. The IASB is issuing the standard as implementation guidance for the more than 90 countries that will either require or permit the use of IFRSs during the next five years. The standard can be ordered from the IASB by e-mail ( email@example.com ).