Investor Presentaiton
CA Sections to be addressed in DP
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
☐ Terminology
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when the set of Statements is referred to as financial
statements, it is often not clear whether reference is being
made to the set of Statements or the complete set of
financial statements (ie including the notes).
Recommendation is that the term "primary financial
statements" is the most suitable terminology to refer to a
set of Statements
At present, not having a descriptor (ie present and disclose)
to differentiate where to disclose information in a complete
set of financial statements.
Recommend to give reference to disclosure in either the
primary financial statements or in the notes as preferable.
CA T
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
Sections to be addressed in DP
☐ Materiality;
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Main problem is the decision about what makes the
information important enough to be displayed 'on the face'
(ie in the primary financial statements) or 'in the notes', and
what makes an individual statement important enough to
be presented as one of the primary financial statements.
IASB highlights the importance of understanding the role
of primary financial statements and the implications of a
statement becoming part of the set of primary financial
statements.
Also, the upcoming Materiality Practice Statement would
guide the preparers with the application of materiality.
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