IFRS Foundation publishes research on applying materiality judgements
February 29 , 2024
The IASB will use the research to inform discussion on materiality. Also, the UK and France announced a new AI research partnership.
New research related to guidance on materiality judgements has been published in summary by the IFRS Foundation following a call for research from the organisation in April 2022.
The research, gathered by national standards-setters, examines the effects of guidance in IFRS accounting standards and other materials, a news release said.
The national standard-setters taking part in the research initiative, working in partnership with academics from their jurisdictions, are from Australia, Botswana, China, Malaysia, Mexico, and New Zealand.
"The research showed there is a good understanding of the concept of materiality. Use of the guidance published in 2017 and 2018 varies across jurisdictions," the release said. "Where in use, the guidance has been found helpful."
The release also suggested it would be beneficial to continue raising awareness among stakeholders about the guidance.
Judgements about materiality are essential to the application of the accounting standards, according to the release. The IASB is actively considering how to provide further support to companies in applying materiality judgements in its projects, the release said, and will use this research to inform such discussions.
UK and France partner in AI research project
New funding to boost research collaboration and a new partnership to further global artificial intelligence (AI) safety is included in measures announced by the UK and France.
The partnership, announced in a news release, represents an opportunity to work on shared and promising opportunities in research and development (R&D) teamwork, the release said.
The UK has already agreed similar partnerships with the US AI Safety Institute, as well as the government of Singapore.
According to the release, the joint committee will meet every two years, aiming to boost UK-France scientific cooperation in emerging-technology fields such as AI and quantum computing.
[Financial Management]
