IFRS® Standards

Exposure Draft, Definition of Material (Proposed amendments to IAS 1 and IAS 8)


The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting, amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Staff Contact(s)

Rebecca Villmann, CPA, CA, CPA (Illinois)

Director, Reporting Initiatives and Research


The International Accounting Standards Board (IASB) recently issued an Exposure Draft, “Definition of Material (Proposed amendments to IAS 1 and IAS 8)” that is available on the IASB® website at www. ifrs.org. The proposed amendments clarify and align the definition of the term “material”, and provide guidance to help improve consistency in the application of that concept whenever it is used in IFRS® Standards. The IASB’s Exposure Draft includes proposed amendments to the IFRS Practice Statement 2 “Making Materiality Judgements” and a Basis for Conclusions that are not part of this Exposure Draft. This material may provide useful information to stakeholders.