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Disclosure initiative — Materiality - IASB

Date recorded:

At its meeting on November 14, 2016, the IASB discussed the comments on the Exposure Draft IFRS Practice Statement, Application of Materiality to Financial Statements. The Board discussed and tentatively made decisions on the following: (i) application of materiality to errors; (ii) the impact of covenants on the application of materiality; (iii) how stewardship could be considered when applying materiality; (iv) recognition and measurement; (v) the applicability to entities applying the IFRS for SMEs Standard; and (vi) status and form of the guidance.

At a future meeting the Board is expected to once again discuss guidance on the application of materiality to prior period information; the staff will also bring a paper summarizing the due process steps completed to date.

Review the IASB Update on the IASB's Web site.

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