Thursday, 16th August, 2012
: In November 2011, the European Securities and Markets Authority
(‘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 Authority’s Head of Financial Reporting Supervision is Chair of the ESMA sub-group on materiality which produced the consultation paper.
ESMA has now published a Summary of Responses to its consultation paper. The Summary provides an overview of the key messages from the responses received to the questions in the consultation paper. The views expressed offered valuable insights relevant not only to accounting enforcers, but also to accounting standard-setters, regulators and other stakeholders.
Given the range of views expressed, and in order to further clarify views on the 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 discussed.
The Summary of Responses published by ESMA can be accessed here
Details of the Roundtable are available here