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30 Oct. 2015

AASB issues ED 271

ED 271 IFRS Practice Statement: Application of Materiality to Financial Statements(incorporating the IASB’s ED) has been published for comment.

The draft guidance encourages preparers to exercise their judgement and provides examples relating to common problem areas.  It clarifies that materiality of information depends on a range of factors and entity-specific circumstances.  Determining what information is material requires an understanding of the users of financial statements and the decisions that they make based on those financial statements.

To help prepare its own submission to the IASB, the AASB is seeking comments by 25 January 2016.  Comments to the IASB are due by 26 February 2016.