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Deloitte comment letter on materiality in financial reporting

  • Deloitte Comment Letter Image

27 Mar 2012

Deloitte's IFRS Global Office has submitted a letter of comment to the ESMA in response to its Consultation Paper, 'Considerations of materiality in financial reporting'.

The letter notes that the majority of preparers and auditors have a good understanding of materiality and that existing standards provide an appropriate framework for understanding and applying materiality. The letter also outlines concerns about non-global standard setters providing 'elaboration or interpretation' of existing accounting standards.

Click for a full summary and our comment letter on materiality.

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