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Disclosure Initiative — Definition of Materiality (Proposed amendments to IAS 1 and IAS 8) [ED]

Comment period ends on January 15, 2018

Next steps:

The International Accounting Standards Board (IASB) will decide the project direction in June 2018.

Last up­dated:

April 2018

Overview

The objective of this project is to refine the definition of materiality and clarify its characteristics (proposed clarifications). The proposed clarifications were originally discussed by the IASB during the development of the Principles of Disclosure Discussion Paper.

draft practice statement on materiality was published on October 28, 2015, however, subsequently it became clear that some of the proposed guidance needed to be authoritative to have the desired effect, so in December 2016, the project was split up into a part that would see a practice statement published and a part that was intended to result in amendments to IAS 1 and IAS 8. Both, the final practice statement and the exposure draft ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8) were published on September 14, 2017.

 

Other developments

April 2018

In April 2018, the staff of the IASB updated the work plan to indicate that the IASB will decide the project direction in June 2018.

January 2018

On January 26, 2018, the IASB Staff updated this project to indicate that the IASB now expects to review the Exposure Draft Feedback in April 2018.

December 2017 

On December 18, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Exposure Draft Feedback in March 2018. 

November 2017

On November 16, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Exposure Draft Feedback in February 2018.

October 2017

On October 23, 2017, the AcSB issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by January 15, 2018.

September 2017

On September 22, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Exposure Draft Feedback in Q1/2018.

On September 14, 2017, the IASB published an exposure draft Definition of Material (Proposed amendments to IAS 1 and IAS 8) to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. Comments are requested by January 15, 2018.

June 2017

In June 2017, the IASB staff updated the work plan to indicate that the IASB expects to issue an Exposure Draft for comment in September 2017.

March 2017

On March 23, 2017, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish an Exposure Draft for comment in June 2017.

 

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