Investor Presentaiton
CA Current Guidance in IFRSS
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
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Materiality is one of the qualitative characteristic of
useful financial information.
According to LKAS 1, items are material, if they
could, individually or collectively, influence the
economic decisions that users make on the
basis of the financial statements.
Materiality depends on the size and nature of the
omission or misstatement judged in the
surrounding circumstances. The size or nature of
the item, or a combination of both, could be the
determining factor.
CA T
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
Scope
• The Practice Statement applies to the
preparation of financial statements in
accordance with IFRS.
• This does not directly cover application of
materiality in an audit (which is covered by
auditing standards).
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