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