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Investor Presentaiton

CA T THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Exposure Draft on Disclosure Initiative - Materiality Practice Statement ☐ A Practice Statement is non-mandatory guidance, consisting of a series of examples and explanations to help management. OED has been issued in Oct 2015 & the project is in progress (targeting to issue final guidance in 2017 Q1) The objective of this project is to help preparers, auditors and regulators to use judgement when applying the concept of materiality. CA THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA Objectives of the Project to change the current definition of materiality within IFRS only to align the definitions in IAS 1, IAS 8 and the Conceptual Framework with each other. • clarifying the key characteristics of materiality. • ⚫ to provide guidance on the application of materiality, which will take the form of a Practice Statement 24 24
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