Discuss the current definition of materiality and how the current application of the concept of
materiality may be leading to a reduction in the clarity and understandability of financial statements.
Discuss how the concepts of materiality would be used in applying the International Integrated
Discuss the current issues with IAS 7 Statement of cash flows and briefly describe the proposed
amendments to IAS 7 set out in the recent Exposure Draft.
Budget: $10 AUD
Timeline: 4 hours
Words: 1000- 1200 Words