EFRAG issues final endorsement advice on 'Definition of Material (Amendments to IAS 1 and IAS 8)'
26 Feb, 2019
The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union (EU) of 'Definition of Material (Amendments to IAS 1 and IAS 8)' ("the Amendments").
The Amendments, issued in October 2018, aim at clarifying the definition of material by including guidance that until now has featured elsewhere in IFRS Standards; align the definition used in the Conceptual Framework for Financial Reporting with that in the IFRS Standards themselves; and improve the explanations accompanying the definition.
EFRAG recommends the endorsement of the Amendments. EFRAG assesses that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good.
A press release and the endorsement advice letter to the European Commission are available on the EFRAG website. EFRAG has also updated its endorsement status report.
