Under International Financial Reporting Standards (IFRS) companies need not report immaterial items within the body of the financial statements, but must disclose them in the notes or supplementary information that accompany the financial statements.

Question

Quizplus · Accepted Answer

Under IFRS, immaterial items do not need to be reported at all, neither in the body of the financial statements nor in the notes or supplementary information, as their omission or misstatement does not influence the economic decisions of users taken on the basis of the financial statements.

Under International Financial Reporting Standards (IFRS) Companies Need Not Report