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Disclosure initiative — Materiality - IASB

Date recorded:

At its meeting on October 18, 2016, the IASB discussed the comments received on the Exposure Draft IFRS Practice Statement: Application of Materiality to Financial Statements. The Board discussed and tentatively made decisions on the following: (i) audience, focus and definition; (ii) primary users' needs and expectations; (iii) the materiality process; (iv) primary financial statements versus notes and aggregation/disaggregation of information; (v) accounting policy disclosures; (vi) comparative versus corresponding approach and conflicts with local regulations; (vii) interim reporting; and (viii) publicly available information.

At a future meeting the Board is expected to confirm the form that guidance on the application of materiality should take, discuss the interaction of materiality with stewardship and clarify terminology issues in preparation for drafting the final guidance.

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

Correction list for hyphenation

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