Regarding the concept of materiality, what does the current IASB research project hope to accomplish?
A)Augment IAS1 with a paragraph that sets out key characteristics of materiality.
B)Develop a broadly applicable quantitative materiality threshold that all reporting entities will use.
C)Identify and develop an IAS 25, a distinct section discussing the concept of materiality.
D)A review of existing standards to identify conflicts, duplication, and overlaps.

Question

Quizplus · Accepted Answer

The current IASB research project aims to augment IAS1 with a paragraph that sets out key characteristics of materiality, rather than developing a broadly applicable quantitative materiality threshold that all reporting entities will use, identifying and developing an IAS 25, or conducting a review of existing standards to identify conflicts, duplication, and overlaps.

Regarding the Concept of Materiality, What Does the Current IASB