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FRC provides input to the IASB on its research project on materiality

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31 Jul 2014

The Financial Reporting Council (FRC) has issued a letter to the International Accounting Standards Board (IASB) providing input into the IASB’s research project on materiality.

The FRC welcome the IASB’s disclosure initiative and consider that the IASB should:

provide guidance on what materiality means from a disclosure perspective;

include an explicit statement around disclosure of material information in the Conceptual Framework; and

reduce and define the “magnitude” terms used in IFRSs, such as “significant”, “key” and “critical”.

The full letter is available on the FRC website.

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