Materiality concept If an item would not make a difference in decision-

making, a company does not have to follow IFRS in reporting it. (p. 9-5).
Natural resources Assets that consist of standing timber and
underground deposits of oil. gas. or minerals, (p. 9-18).
Ordinary repairs Expenditures to maintain the operating efficiency and
productive life of the plant asset, (p. 9-5).