Deloitte comment letter on materiality in financial reporting
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.