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.
Answer:A
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.