Discuss how the concepts of materiality would be used in applying the International Integrated Reporting Framework.

After graduating from a Master of Commerce from Deakin Business School, you applied to work at the Melbourne office of Big Phore Partners (BpP) and took a role as an Analyst within the Corporate Advisory Group. During your weekly workflow meeting, your manager commented that she attended a business breakfast this morning, and learned that the IASB had recent changed the definition of materiality. After a brief discussion it was clear that all team members were not fully informed about the recent change. Your manager sets you the task of researching the change and drafting two briefs.
Part 1 Internal Audience: (800 words max)
This technical brief will be distributed amongst the team and will be available to any employee at BpP Australia. You are therefore, required to: –
a) Provide a brief overview of the change.
b) Provide an overview of current definition of materiality and discuss any deficiencies with the
application.
c) Using specific references to the amended standards, explain to what extent these changes
overcome the identified issues.
d) Gauge the probable impact of the change our Australian clients.
Part 2 External Audience: (600 words max)
A brief is to be sent to clients regarding the above. So you are required to: –
a) Provide an appropriate overview of the change.
b) Discuss how the concepts of materiality would be used in applying the International Integrated
Reporting Framework.
c) Identify timelines as to when Australian clients will have to comply.
Your manager reminds you that the audience is the key difference between the two versions. The technical brief should be detailed, specific, and useful to the accounting and finance professionals within firm. In contrast, clients may be generally aware of business principles, but you should notassume that clients will have any formal business education. She also comments that your analysis should focus on large reporting entities as this constitutes the majority of billed work.
Format: A report structure using the Harvard reference system

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