Exposure Draft and comment letters—IFRS Practice Statement: Application of Materiality to Financial Statements

 

On 28 October 2015, the International Accounting Standards Board (IASB) published draft guidance to help company management determine whether information is material. The guidance is part of the IASB’s wider initiative to improve disclosures.

The draft guidance, in the form of a draft Practice Statement, has been developed in response to concerns that management are often uncertain about how to apply the concept of materiality and therefore use the disclosure requirements in the Standards as a checklist.

This can result in excessive disclosure of immaterial information that can obscure useful information and also make financial statements cluttered and less understandable. It can also lead to useful information being left out.

The Exposure Draft was open for comment until 26 February 2016.

 

Comment letters are public and all comment letters received on the due process document can be accessed below.

If you have trouble finding a specific comment letter, please contact us.

Access individual comment letters in the table below or download all letters as zip file.

ID Submitter

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