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EFRAG issues draft endorsement advice on ‘Definition of material (Amendments to IAS 1 and IAS 8)

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

17 Dec 2018

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement advice letter and a separate invitation to comment relating to the use in the European Union (EU) of Definition of material (Amendments to IAS 1 and IAS 8) (“the Amendments”).

The Amendments, published in October 2018, clarify the definition of ‘material’ and align the definition used in the Conceptual Framework and the standards themselves.

EFRAG recommends the endorsement of the Amendments. EFRAG’s initial assessment is that the Amendments meet the technical requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards.

Comments are requested by 1 February 2019.

For more information, see the press release, draft endorsement advice letter and the invitation to comment on the EFRAG’s website. EFRAG has also updated its endorsement status report that is available here.

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