CTHIn ForceLegislation
ASA 700 - Forming an Opinion and Reporting on a Financial Report - December 2015
Accounting Policies Appropriately DiscloAccounting Policies Appropriately Disclosed in the Financial Report (Ref: Para. 13(a))
Start here
Get a plain-English read of Accounting Policies Appropriately Disclo
Turn the raw legal text into a practical explanation grounded in ASA 700 - Forming an Opinion and Reporting on a Financial Report - December 2015.
Accounting Policies Appropriately Disclosed in the Financial Report (Ref: Para. 13(a))
- In evaluating whether the financial report appropriately discloses the significant accounting policies selected and applied, the auditor’s consideration includes matters such as:
- Whether all disclosures related to the significant accounting policies that are required to be included by the applicable financial reporting framework have been disclosed;
- Whether the information about the significant accounting policies that has been disclosed is relevant and therefore reflects how the recognition, measurement and presentation criteria in the applicable financial reporting framework have been applied to classes of transactions, account balances and disclosures in the financial report in the particular circumstances of the entity’s operations and its environment; and
- The clarity with which the significant accounting policies have been presented.