Management Commentary – International Accounting Standards Board
Date recorded:
At its meeting on July 22-25, 2019, the Board met to discuss:
- an approach to developing guidance on the qualitative characteristics of useful financial information to be included in the revised IFRS Practice Statement; and
- guidance to be included in the revised Practice Statement on making relevance and materiality judgements.
The Board made a number of tentative decisions in respect of both these topics.
The Board will discuss guidance on the fundamental qualitative characteristic of faithful representation and the enhancing qualitative characteristics at a future meeting. The Board noted that an additional meeting of the Management Commentary Consultative Group will take place in December 2019. To allow time to consider the input from this additional meeting, the publication of the planned Exposure Draft is now expected in the second half of 2020 rather than the first half.
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