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What circumstances lorna ltd could depart from requirement

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Reference no: EM132595276

Amos is the finance director of Lorna Ltd. He proposed to the directors of the company that some of the International Accounting Standards should not be applied in the preparation of the published accounts. He further stated that some of the accounting transactions are material and some are immaterial.

Required.

Question i. Explain what is meant by an immaterial item and how it may be judged.

Question ii. Explain in what circumstances Lorna Ltd could depart from the requirements of the International Accounting Standards and the consequences of doing so for the financial statements.

Reference no: EM132595276

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