Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 17/02/2012

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

ESMA paper: Considerations of materiality in financial reporting (2012/01) 

In November 2011, the European Securities and Markets Authority (ESMA) published a consultation paper Considerations of materiality in financial reporting.
The consultation paper examines the concept of materiality from the perspective of the preparers of financial statements under IFRS.

The paper does not focus on materiality from an audit perspective, although it recognises that the definition of materiality in auditing standards may be different to that in IFRS.
IFRS Briefing Sheets - International financial reporting updates