14 September 2017

Video: Introducing Making Materiality Judgements

The International Accounting Standards Board (Board) issued in September 2017 new non-mandatory guidance to help companies make materiality judgements when preparing their financial statements. The guidance is called IFRS Practice Statement 2 Making Materiality Judgements.

In this video, Board Member Françoise Flores introduces the Practice Statement and explains:

  • why the Board decided to develop it;
  • how the concept of materiality helps companies determine what information to include in their financial statements;
  • the consequences of not making sound materiality judgements on the quality of financial statements; and
  • how the Practice Statement links to the Board's work under the theme of Better Communication in Financial Reporting.
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