EU AGENCY PUSHES FOR MORE IASB GUIDANCE ON CONCEPT OF ‘MATERIALITY’ IN EUROPEAN ACCOUNTING LAWS
August 1st, 2012
BY KEITH NUTHALL
THE EUROPEAN Securities and Markets Authority (ESMA) has released a paper calling for stronger European Union (EU) guidance on how EU countries should define 'materiality' in financial reporting. Calling for help from the International Accounting Standards Board (IASB) on the issue, the paper draws on responses from an ESMA-organised public consultation on the issue. It concluded "the concept of materiality is generally well understood, but many respondents expressed the view that there is diversity in application."
ENDS
THE EUROPEAN Securities and Markets Authority (ESMA) has released a paper calling for stronger European Union (EU) guidance on how EU countries should define 'materiality' in financial reporting. Calling for help from the International Accounting Standards Board (IASB) on the issue, the paper draws on responses from an ESMA-organised public consultation on the issue. It concluded "the concept of materiality is generally well understood, but many respondents expressed the view that there is diversity in application."
ENDS
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