Following on from the publication of its Consultation Paper “Consideration of Materiality in Financial Reporting ” that was published last November, ESMA has published a summary of the responses received to its Consultation Paper and believes that sharing what it has heard will be useful in stimulating further thinking and exploration of this very important concept.

ESMA is also organising a public roundtable discussion on the Paper to be held at ESMA’s premises on 1 October 2012 in Paris. The main topics to be addressed include: (i) Challenges to the consistent application of the materiality concept; (ii) Application of materialityin interim financial reporting, (iii) The role of the materiality concept in tackling disclosure overload, (iv) Assessment of omissions or misstatements and (v) whether additional IASB guidance would be helpful and if so, what form it might usefully take.