Financial statements prepared in accordance with IFRS and a national reporting framework

Financial statements prepared in accordance with IFRS and a national reporting framework For financial statements to have been prepared in accordance with more than one financial reporting framework, they must comply with each of the indicated frameworks individually. A set of financial statements prepared in accordance with one framework containing a note or supplementary statement reconciling the financial statements to the other is not sufficient. In practice, simultaneous compliance with both IFRSs and a national financial reporting framework is unlikely unless the country has adopted IFRSs as its national framework. The auditor considers each framework separately. It is therefore possible to express an unqualified opinion on compliance with one framework and a qualified/adverse opinion on compliance with the other. Additionally, it may be possible for non-compliance with one financial reporting framework to cause failure to comply with the other financial reporting framework, in which case a modified opinion would be issued on compliance with both frameworks