I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

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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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