to have a notably high subjective element, and that has a material impact on the financial statements.

Impact

Intended effects
The intended effects of a policy vary widely according to the organization and the context in which they are made. Broadly, policies are typically instituted to avoid some negative effect that has been noticed in the 
organization, or to seek some positive benefit. 

Corporate purchasing policies provide an example of how organizations attempt to avoid negative  effects. Many large companies have policies that all purchases above a certain value must be performed through a purchasing process. By requiring this standard purchasing process through policy, the organization can limit waste and standardize the way purchasing is done. 

The State of California provides an example of benefit-seeking policy. In recent years, thepossible extremely rare exceptions).
"Our last week's meeting" is unacceptable because the noun phrase "meeting" has two determiners, "our" and "last week's". It would also be unacceptable to say "the today's meeting" or "our the meeting".
Here are some phrases which may seem to have multiple determiners, but don't actually:

your father's home - this noun phrase has only one determiner, namely, "your father's". Meanwhile, the phrase "your father" is also a noun phrase which only has one determiner, namely, "your".
the brass men's wristwatches - the determiner of this noun phrase is "the", and "brass" and "men's" are adjectives.
an old people's home - the determiner of this noun phrase is "an". The phrase "old people's home" is an idiom which acts as a simple noun, even though it looks like it