European Union formally adopts amendments to IAS 1 and IAS 8 regarding the definition of materiality

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11 Dec 2019

The European Union has published a Commission Regulation endorsing 'Definition of Material (Amendments to IAS 1 and IAS 8)'.

The amendments clarify the definition of ‘material’ and align the definition used in the Conceptual Framework and the standards themselves.

The European Union effective date is the same as the IASB effective date (1 January 2020).

The Commission Regulation amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council was published in the Official Journal of the European Union on 10 December 2019.

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