The European Securities and Markets Authority has published a consultation paper seeking views on the application of the concept of materiality in the preparation of financial statements under IFRS: see here (pdf). The ESMA is seeking views because of concerns regarding differences of approach with regard to the application of the concept of materiality amongst preparers, auditors and, possibly, the users of financial reports.
Friday, 11 November 2011
Europe: ESMA consults on materiality concept in financial reporting
The European Securities and Markets Authority has published a consultation paper seeking views on the application of the concept of materiality in the preparation of financial statements under IFRS: see here (pdf). The ESMA is seeking views because of concerns regarding differences of approach with regard to the application of the concept of materiality amongst preparers, auditors and, possibly, the users of financial reports.
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