(a)  International Financial Accounting Standards. A CPA shall not express an opinion that financial statements are presented in accordance with international financial accounting standards if such statements contain any departure from an accounting standard that has a material effect on the statements, taken as a whole, unless the CPA can demonstrate that due to unusual circumstances the financial statements would otherwise have been misleading. In such cases, the CPA's report shall describe the departure, the approximate effect thereof if practicable, and the reason(s) why compliance with the standard would result in a misleading statement.

(b)  International Financial Accounting Standards consist of the following:

(1)           International Financial Reporting Standards (IFRS) issued after 2001;

(2)           International Accounting Standards (IAS) issued before 2001;

(3)           Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) issued after 2001; and

(4)           Standing Interpretations Committee (SIC) issued before 2001.

(c)  Copies of Standards. Copies of International Financial Accounting Standards may be inspected in the office of the Board, as described in 21 NCAC 08A .0102.  Copies may be obtained from the International Accounting Standards Board, IASC Foundation Publications Department, 30 Cannon Street, London, EC4M6XH, United Kingdom. They are available at cost, which is approximately one hundred two dollars ($102.00) in paperback form or four hundred thirty-two dollars ($432.00) in loose-leaf subscription form.


History Note:        Authority G.S. 55-12; 57D-2-02; 93-12(9);

Eff. February 1, 2011;

Readopted Eff. February 1, 2016.