Amendments to ASA 450Amendments to ASA 450

Amendments to ASA 450

1. Existing paragraph A17 is amended to read as follows:

In addition, each individual misstatement of a qualitative disclosure is considered to evaluate its effect on the relevant disclosure(s), as well as its overall effect on the financial report as a whole. The determination of whether a misstatement(s) in a qualitative disclosure is material, in the context of the applicable financial reporting framework and the specific circumstances of the entity, is a matter that involves the exercise of professional judgement. Examples where such misstatements may be material include:

 …

 The omission of information about the events or circumstances that have led to an impairment loss (e.g., a significant long‑term decline in the demand for a metal or commodity) in an entity with mining operations.

 Inadequate disclosures about the entity’s ability to continue as a going concern.[13]

 …