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The International Accounting Standards Board (IASB) issued a new Practice Statement to help financial statement preparers assess whether information is material to an entity’s general purpose financial statements. The Practice Statement summarizes the materiality requirements in International Financial Reporting Standards (IFRS) and adds practical guidance and examples. This non-mandatory guidance does not change any IFRS requirements, nor introduce any new IFRS requirements.
The Practice Statement:
Entities are permitted, but not required, to apply the guidance in the Practice Statement to financial statements prepared any time after September 14, 2017. The Practice Statement, and additional resources, can be accessed by clicking
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of October 11, 2017. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2017. All rights reserved.
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