With the elaboration of OCPC 07 (2014), it was aimed to establish that: a. if the entity does not have relevant and material information to be di...

With the elaboration of OCPC 07 (2014), it was aimed to establish that:


a. if the entity does not have relevant and material information to be disclosed, the entity must disclose what is not useful or material.
b. No standard should be followed, and only OCPC 07 would be used to disclose explanatory notes.
c. Material and relevant information must always be disclosed and evidenced in the financial statements.
d. Immaterial and irrelevant information must always be disclosed and evidenced in the financial statements.
e. the entity needs to provide specific disclosure, required by a Technical Pronouncement, Interpretation or Guidance of the CPC, even if the information is not material.