The International Auditing and Assurance Standards Board (IAASB)
has released a draft assurance standard that addresses the process
of compiling pro forma financial information included in

The IAASB said the standard would enhance
public confidence in how financial information is produced.

The draft standard, Assurance Reports on the
Process to Compile Pro Forma Financial Information Included in a
Prospectus, includes:

  • Information that illustrates the impact of an event or
    transaction on an issuer’s financial information;
  • Comprehensive guidance on the nature and extent of a
    practitioner’s work when reporting on whether the process of
    compiling pro forma financial information has been properly
    followed; and
  • Related engagement acceptance and reporting considerations, and
    their illustrative reports.

The IAASB expect the standard to be of
particular interest and relevance to issuers, investors, analysts,
professionals working at securities exchanges, and regulators.

Comments on the exposure draft are requested
by 30 September 2010.


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