In this project the IASB is considering how materiality is applied in practice in IFRS financial statements. The IASB has tentatively decided to provide guidance on the application of materiality, which will take the form of a Practice Statement. In April 2015 the IASB tentatively decided that the Principles of Disclosure Discussion Paper should include a discussion on whether the definition of materiality should be changed and whether IAS 1 Presentation of Financial Statements should include additional guidance that clarifies the key characteristics of materiality.
Next steps: the IASB plans to publish a Practice Statement on the application of materiality in Quarter 4 of 2015.
For more information, visit the Materiality project page.