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3.3 Scope and application of IFRSs
3.3.1 Scope
Any limitation of the applicability of a specific IFRS is made clear within that standard. IFRSs are not
intended to be applied to immaterial items, nor are they retrospective. Each individual standard lays
out its scope at the beginning of the standard.
3.3.2 Application
Within each individual country local regulations govern, to a greater or lesser degree, the issue of
financial statements. These local regulations include accounting standards issued by the national
regulatory bodies and/or professional accountancy bodies in the country concerned.
QUESTION
Standards
How far do the accounting standards in force in your country diverge from the IFRSs you will cover in
this Interactive Text?
If you have the time, perhaps you could find out.
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