Entries by Natascha Drechsel

Understanding the amendments to the definition of IFRS Materiality

In October 2018, the IASB amended the definition of “material” in IAS 1 Financial Statement Presentation and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to applicable through all IFRS Standards to make it easier for entities to make material judgements. Practice Statement 2 and the TIP issued March 2017 provides further guidance in applying materialityView PDF