Preparation of Financial statements under the guidance in IAS 1 Preparation of Financial Statements should be sufficient for most entities. However, there are business companies that are required to prepare reports in a particular format for operating segments, and others that are required to prepare for presentation interim financial statements. The IASB issued IFRS 8 Operating Segments and IAS 34 Interim Financial Statements to provide guidance in relevant financial reporting.

Required:

 ( a ) Justify the relevance of issuing each of the additional standards for providing financial reporting guidance.

( b ) Discuss the significance of materiality espoused in the IASB’s Conceptual Framework in the context of integrated reporting (IR) for entities.