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IFRS For Dummies by Steven Collings

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Chapter 17

Ten Pitfalls to Avoid

In This Chapter

arrow Getting related party disclosures correct

arrow Making sure that the numbers balance

arrow Knowing when to show a deferred tax asset

arrow Claiming exemption from the audit requirement correctly

The accountancy profession is heavily regulated and accountants have to comply with strict rules when preparing financial statements. If your accountancy firm is a member of a professional body – for example, the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW) – then your firm is going to be subjected to quality control visits. These visits are usually referred to as monitoring visits or quality assurance visits.

warning_bomb.eps A common misconception is that regulators concentrate on those clients that are subject to statutory external audit. Regulators are hugely interested in client files that aren’t subject to the external audit requirement in order to ensure that companies apply accounting standards, ...

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