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Truth threatened, fairness compromised

Article Abstract:

The Statement of Standard Accounting Practice number 20 (SSAP 20) causes wild fluctuations in otherwise normal accounts because of its requirement that long-term foreign monetary assets and liabilities be reflected in the profit and loss accounts annually. The problem stems from the fact that SSAP 20 requires that long-term monetary items be translated at the current rate on each balance sheet date instead of the rate prevailing when the transaction took place. The standard should be changed to require that the long-term monetary item be translated at the historic rate until some time near maturity, and then changes can be made to the profit and loss account if an exchange loss seems likely.

United Kingdom, Accounting and auditing, Foreign exchange, Great Britain

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Exposure draft 32 - 1 July 1989 proposed international auditing guideline: engagements to perform agreed-upon procedures (related services guideline no 3)

Article Abstract:

The International Federation of Accountants Exposure Draft 32 of 1 July 1989, Proposed International Auditing Guideline: Engagements to Perform Agreed-upon Procedures (Related Service Guideline No 3), is presented. The ED contains the basic principles governing engagements to perform agreed-upon-procedures, reporting on the agreed-upon procedures engagement, and an example of an engagement letter for an agreed-upon procedures engagement.

Reports, International Federation of Accountants

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