The International Accounting Standards Board (Board) today has issued IFRS® Practice Statement 2 Making Materiality Judgements.

The International Accounting Standards Board (Board) today has issued IFRS® Practice Statement 2 Making Materiality Judgements.

The Practice Statement is part of the Board’s Disclosure Initiative which, in turn, forms a key part of the Board’s work under the theme of Better Communication in Financial Reporting.

The Practice Statement provides companies with non-mandatory guidance on how to make materiality judgements when preparing their general purpose financial statements in accordance with IFRS Standards. It can be accessed here.

A Project Summary and Feedback Statement is also available on our website.

We have also published a short video in which Board member Françoise Flores introduces the document. It can be viewed here.