Making Materiality Judgments

Learning Objectives

• To know the latest information regarding making materiality judgments for Canadian organizations.
• To review the overall guidance on making materiality judgments for Canadian organizations.
• To know how to apply presentation rules and exceptions.
• To review the recognition, measurement, and presentation constraints.
• To discuss disclosure and presentation requirements.
• To know how to write the appropriate Notes.
• To know the unique disclosure and presentation requirements for making materiality judgments for Canadian organizations.

Course Description

Delve into the intricate world of making materiality judgments with a specific focus on the Canadian context. Materiality, a fundamental concept in auditing and financial reporting, holds paramount importance in ensuring the relevance and accuracy of financial information.

This newly updated IFRS Practice Statement (Making Materiality Judgements) provides reporting entities with non-mandatory guidance on making materiality judgments when preparing general-purpose financial statements by IFRS Standards.

This course is a resource that will help preparers of financial statements and accounting and auditing practitioners in exercising their professional judgment as to the implementation of the rules for making materiality judgments. The webinar may also help other parties involved in financial reporting to understand how an entity makes materiality judgments when preparing such financial statements. for Canadian organizations.

Join this CPD Course, it outlines an easy-to-understand step-by-step procedure for making materiality judgments for Canadian organizations and what needs to be carefully considered.

Major Topics Covered:

• Basic concepts, scope, and applicability of the rules for making materiality judgments for Canadian organizations. 
• Planning the approach: making materiality judgments for Canadian organizations and policies and decision criteria.
• Sizing up the impacts of the guidelines for making materiality judgments for Canadian organizations: questions you need to ask.
• Specific rules and unique provisions for making materiality judgments for Canadian organizations.
• Recognition criteria.
• Disclosure and presentation requirements.

Overview

• Non-mandatory guidance

  8 mins
• International Accounting Standards (IAS) 08 (Accounting policies, changes in accounting estimates and errors)

  21 mins
• The International Financial Reporting Standards (IFRS) for Small and Medium-sized Enterprises (SME) standard

  39 mins
• Shortfall of general-purpose financial statements

  53 mins
• Prior-period information

  65 mins
• Transition requirements and effective dates

  72 mins