In this project the Board is considering how materiality is applied in practice in IFRS financial statements. The Board has tentatively decided to provide guidance on the application of materiality, which will take the form of a Practice Statement.
Current step: In December 2016, the Board completed its redeliberations of the comments received on the Exposure Draft and asked the staff to start balloting the final Practice Statement.
Next steps: The aim is to publish the final Practice Statement in the second quarter of 2017.
For more information, visit the Materiality Practice Statement project page.