What is the difference between effective and issued date for audit and financial reporting papers?
The date of issue of regulation is when the details of the regulation have been made available to the public. This date is often not the date that the regulation must be applied to the preparation of financial statements or how assurance/non assurance work/reports must be conducted/prepared. The effective date represents when regulation must be applied by the accountant. In the main the effective date is set later than the date of issue. ACCA uses the date of issue to decide for audit and financial reporting papers what becomes is an examinable document.
