Amendments to ASA 700Amendments to ASA 700

Amendments to ASA 700

1. Existing paragraph Aus 9.1 is amended to read as follows:

Reference to “Australian Accounting Standards” in this Auditing Standard means the Australian Accounting Standards issued by the Australian Accounting Standards Board, and reference to “International Financial Reporting StandardsIFRS Accounting Standards” (IFRSs), means the IFRS Accounting Standards International Financial Reporting Standards issued by the International Accounting Standards Board.

1. Existing paragraph 27 is amended to read as follows:

If the reference to the applicable financial reporting framework in the auditor’s opinion is not to the IFRS Accounting StandardsInternational Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board or International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board, the auditor’s opinion shall identify the jurisdiction of origin of the framework.

1. Existing paragraph A13 is amended to read as follows:

In some cases, the financial report may represent that it is prepared in accordance with two financial reporting frameworks (e.g., the Australian Accounting Standards and IFRS Accounting StandardsIFRSs). This may be because management is required, or has chosen, to prepare the financial report in accordance with both frameworks, in which case both are applicable financial reporting frameworks. Such description is appropriate only if the financial report complies with each of the frameworks individually. To be regarded as being prepared in accordance with both frameworks, the financial report needs to comply with both frameworks simultaneously and without any need for reconciling statements. In practice, simultaneous compliance is unlikely unless the jurisdiction has adopted the other framework (e.g., IFRS Accounting StandardsIFRSs) as its own national framework, or has eliminated all barriers to compliance with it.

1. Existing paragraph A15 is amended to read as follows:

The financial report may, however, be prepared in accordance with one applicable financial reporting framework and, in addition, describe in the notes to the financial report the extent to which the financial report complies with another framework (e.g., a financial report prepared in accordance with Australian Accounting Standards that also describes the extent to which it complies with IFRS Accounting StandardsIFRSs). Such description may constitute supplementary financial information as discussed in paragraph 54 and is covered by the auditor’s opinion if it cannot be clearly differentiated from the financial report.

1. Existing paragraph A27 is amended to read as follows: