Europe: ESMA consultation on materiality in financial reporting - summary of responses

Last year the European Securities and Markets Authority published a consultation paper concerning materiality in financial reporting: see here (pdf). A summary of the responses received was published yesterday: see here (pdf). ESMA noted that the majority of respondents considered the materiality concept to be generally well understood although many stated that there was diversity in its application. Many respondents also expressed the view that ESMA should not publish guidance, believing that the IASB was better placed to do so.