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Definition of Material: (Amendments To IAS 1 and IAS 8)
Definition of Material: (Amendments To IAS 1 and IAS 8)
Material
(Amendments to IAS 1 and
IAS 8)
IASB issues amendments to the definition of material
In October 2018, the International Accounting Standards Board (IASB or the Board)
issued amendments to IAS 1 Presentation of Financial Statements and IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors to align the
definition of ‘material’ across the standards and to clarify certain aspects of the
definition.
The concept of what is and what is not material is a vital part in preparing
financial statements in accordance with IFRS.
2
These amendments are a component of the IASB’s
A project which consists of
DISCLOSURE research and maintenance projects
and aims to address how the
INITIATIVE effectiveness of disclosures in IFRS
financial statements can be
improved.
Is a part of IASB’s
Better Communication in
Financial Reporting
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1.
Why change?
Old Guidance Reason for change
Amendment clarifies
Defined in IAS 1 & IAS 8
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2.
A comparison of the
old definition to the
new
Old definition (IAS 1 & IAS 8) New definition (IAS 1 only)
Omissions or misstatements of items Information is material if omitting,
are material if they could, misstating or obscuring it could
individually or collectively, reasonably be expected to influence
influence the economic decisions the decisions that the primary users
that users make on the basis of the of general purpose financial
financial statements. statements make on the basis of
those financial statements, which
provide financial information about
a specific reporting entity.
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3.
Key differences and
additions
New threshold Primary users of the Obscuring information
financial statements
The IASB replaced the The revised definition The revised definition
threshold ‘could also narrows the adds the concept that
influence’ with ‘could definition of those who obscuring information
reasonably be expected may be affected from may also be relevant in
to influence’ in the the previous term of determining whether
definition of ‘material’. “users” to “primary an element is material
users”, which further to primary users.
narrows the view of
what may be material in
a given circumstance.
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Examples of circumstances that may result in material information being obscured:
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4.
Additional guidance
to the new definition
of materiality
Information in financial
Materiality depends on nature or statements can be obscured if it
magnitude of information (or has a similar effect for primary
both) users to omitting or misstating
information
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5.
Potential practical
impact of the revised
definition of material
Preparers may be able to
reduce the sheer size of
Immaterial classes of
financial statements by
balances and transactions
more easily justifying that Simplifications and
may be presented
Measurement
certain disclosures are practical application of
Presentation
together in aggregate,
Disclosure
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6.
Effective date and
transition
The amendments to IAS 1
and IAS 8 are required to be
applied for annual periods
beginning on or after 1
January 2020.
The amendments must be
applied prospectively and
earlier application is
permitted.
7.
Accounting Impact
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