This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Disclosure initiative — Definition of Materiality – International Accounting Standards Board

Date recorded:

At its meeting on June 20-21, 2018, the International Accounting Standards Board (the Board) tentatively decided that, when developing disclosure objectives and requirements in future, a member of the IFRS Taxonomy team will be assigned in an advisory capacity to each of the IASB's active projects. In addition, the Board tentatively decided:

(i) (a) to confirm the proposed amendment to include the concept of 'obscuring information' in the bold definition of material; and (b) to replace the proposed wording explaining 'obscuring information' in the explanatory paragraphs with a clearer description and examples;

(ii) (a) to confirm the proposed amendment(s): that align terminology in the definition of material with terminology in the Conceptual Framework for Financial Reporting; and (b) that will replace the term 'could influence' with 'could reasonably be expected to influence' in the definition of material;

(iii) to replace the definition of material in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors with a reference to the definition of material and explanatory paragraphs in IAS 1 Presentation of Financial Statements; and (iv) that the effective date of amendments be for annual periods beginning on or after 1 January 2020 with early application permitted.

Review the IASB Update and podcast on the Board's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.