Into the Future - Reporting on Prospective Information
For members who are involved in reporting on prospective financial information included in disclosure documents, the APESB has just issued a new standard on the topic. Although effective for engagements commencing on or after 1 July 2009, early adoption is permitted.
As you would all be aware the Accounting Professional and Ethical Standards Board (APESB) (established in 2005 by the professional accounting bodies) has been working through revising and reissuing the Professional Statements previously issued by the professional bodies. The latest statement to be revised and reissued is Professional Statement F.2 Prospectuses and Reports on Profit Forecasts. It has been replaced by APES 345 Reporting on Prospective Financial Information prepared in connection with a Disclosure Document. This standard provides members in public practice with a number of principles and mandatory requirements with which they must comply when engaged by a client to prepare reports on prospective financial information for inclusion in disclosure documents. Take a look at the new standard at the APESB website.