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IASB publishes draft guidance to help management apply the concept of materiality

  • IFRS - IASB Image

Oct 28, 2015

On October 28, 2015, the International Accounting Standards Board (IASB) published draft guidance to help company management determine whether information is material.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 deadline for submitting comments on the draft Practice Statement is February 26, 2016.

The draft guidance, in the form of a draft Practice Statement, has been developed in response to concerns that management are often uncertain about how to apply the concept of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.

Review the press release and the draft Practice Statement on the IASB's Web Site.

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