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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.