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Deloitte comment letter on the IASB's proposed amendments to IAS 1 and the Materiality Practice Statement

Published on: 29 Nov 2019

We have responded to the IASB’s exposure draft ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2).

Whilst we agree that it is useful to replace “significant” by “material”, we are concerned that without further guidance, the assessment of whether an accounting policy is material may be driven primarily by quantitative considerations. This is why we suggest that additional guidance is added to IAS 1 to highlight that the assessment of materiality should be based on whether the transaction, other event or condition to which the accounting policy relates is material in size or nature or a combination of both.

Please download the full comment letter below.

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