As part of SOCPA's efforts to provide guidance on the most important international standards that must be observed when preparing and reviewing financial statements during Covid-19, a brief guiding material was published on issues that may be of importance for professional during Covid-19. They are not intended to be exhaustive of all of necessary factors that should be considered during this period. With the exception of certain topics relating to the application of the full version of the IFRS, information contained in this guide apply to the preparation and review of financial statements whether the entity is applying the full version of IFRS or IFRS for SMEs.
SOCPA would like to note that it monitors publications issued by IASB and other similar bodies from which SOCPA approves standards. It also follows up on the issues discussed by a number of international bodies with specialized interest in accounting and auditing. SOCPA confirms that to this date no exemption or modification has been issued with respect to the requirements of the standards. All materials issued to this date only underscores the requirements of the standards and stresses that they must be adhered to, including a number of requirements in cases of uncertainty based on the circumstances of each entity. This article has been prepared in the same context as a reminder of the most important issues, and it does not represent professional advice. SOCPA does is not liable for any act or omission made by accountants during preparation or review of financial statements. Said guidance can be accessed by
clicking here.
To download the guidance in PDF format
click here.