ESMA published today a summary of responses received to its consultation paper on materiality in financial reporting. The summary provides an overview of the key issues raised by respondants in relation to the consultation paper.
In November 2011, ESMA issued a consultation paper entitled ‘Considerations of Materiality in Financial Reporting’ to seek comments from interested parties about their understanding of various aspects of materiality in an effort to contribute to a consistent application of this important concept in financial reporting. The deadline for responses was 31 March 2012.
The Summary of Responses is available here.
Given the range of views expressed, and in order to further clarify some specific issues, ESMA has decided to organise a public roundtable on materiality in financial reporting where some of the issues raised in the consultation paper will be further discussed. The roundtable will be held on October 1 in Paris at ESMA premises.
Details of the Roundtable are available here.