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In August 2019, the International Accounting Standards Board (IASB) published an Exposure Draft (ED) proposing amendments to IAS 1
Presentation of Financial Statements and IFRS 2 Practice Statement 2
Making Materiality Judgements. The proposed amendments are intended to help entities provide accounting policy disclosures that are more useful to primary users of financial statements. The Canadian Accounting Standards Board (AcSB) issued its own ED on this topic in August 2019.
Under IAS 1, entities are required to disclose their ‘significant’ accounting policies. This amendment proposes to replace that requirement with a requirement to disclose ‘material’ accounting policies. Under this proposal, an accounting policy would be material if, when considered together with other information included in an entity’s financial statement, it can reasonably be expected to influence decisions that primary users of general purpose financial statements make on the basis of those financial statements.
In addition, the proposal amends both IAS 1 and IFRS Practice Statement 2 to provide additional guidance to assist entities in applying the concept of materiality in making decisions about accounting policy disclosures. This guidance includes:
The proposed amendment will be applied prospectively on or after the beginning of the first annual reporting period in which the amendment is first applied; an effective date is yet to be decided. Early application will be permitted.
Comments on the ED are requested by the IASB and AcSB by November 29, 2019.
The full history of this IASB project, including related supporting materials, can be accessed
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
JodyMacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of September 12, 2019. 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 2019. All rights reserved.
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