Source: Accounting Today article
‘Countries and jurisdictions throughout the world mandate that entity financial statements be prepared using International Financial Reporting Standards, and that audits be conducted in accordance with International Standards on Auditing. Although the use of IFRS and ISAs isn’t mandated in countries such as the U.S., in our increasingly global economy, many accounting firms must now be able to address the needs of clients with reach outside the primary country in which they operate.’
You can find more on the current status of the compliance with the International Accounting and Audit Standards and view the complete article on the Accounting Today page.
