IFRS Newsletter No. 07 – 2017

The last few months have been relatively busy for the IASB with the publication of two exposure drafts, a Practice Statement and some last-minute finishing touches to IFRS 9. Our “Closer Look” this month concerns an aspect of the preparation of financial statements: guidance on making materiality judgments.

In the last few months, the IASB published one exposure draft offering clarifications of the concepts of accounting policies and accounting estimates defined in IAS 8, and another one putting forward minor amendments to the definition of materiality in IAS 1 and IAS 8. In addition, as part of its Better Communication project, the IASB’s first of the second of its series of Practice Statements aims at guiding preparers in the application of judgment as to the materiality of the matters they report, rather than adhering to a checklist approach.

SUMMARY

IFRS Highlights

A Closer Look – The IASB’s guidance on making materiality judgments

  • A pervasive concept in IFRS
  • IFRS information that makes precedence over local laws and regulations
  • A four-step process for making materiality judgments
  • Guidance on specific topics

Upcoming meetings of the IASB and the IFRS Interpretations Committee

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