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Investor Presentaiton

CA Current Guidance in IFRSS THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA ■ 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). 25
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