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
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