IFRS® Standards

Disclosure Initiative—Definition of Material (Amendments to IAS 1 and IAS 8)

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Staff Contact(s)

Andrew White, CPA, CA

Senior Principal, Accounting Standards Board

Project Status

  • Information gathering

    Completed prior to April 2015

  • Approving project

    The IASB approved the project in April 2015

  • Consulting stakeholders

    The IASB Exposure Draft issued in September 2017

    The AcSB Exposure Draft, corresponding to the IASB Exposure Draft, issued in October 2017

    Public outreach took place from October 2017 to January 2018

    The AcSB consulted with its IFRS Discussion Group in October 2017

  • Deliberating feedback

    The IASB and AcSB are deliberating comments on their Exposure Drafts

    The IASB expects to issue the amendments in November 2018

  • Final pronouncement

Meeting & event summaries


December 14, 2017

AcSB Decision Summary – December 14, 2017

The Board discussed and approved its response letter to the IASB® Exposure Draft, “Definition of Material (Proposed amendments to IAS 1 and IAS 8),” subject to drafting changes.

News


January 11, 2018

News

AcSB response – Exposure Draft – Definition of Material

On January 11, 2018, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in September 2017. The letter agrees with some parts of the proposals but expresses concern with including terms such as “obscuring”, “omitting” and “misstating” in the definition of material. The AcSB suggests removing these terms from the proposed definition because the AcSB thinks that such subjective terms may make the definition difficult to operationalize or apply and may lead to increased litigation risk. Furthermore, the AcSB encourages the IASB to work with the International Auditing and Assurance Board to ensure that the IFRS definition of material aligns with the assurance definition. Read the AcSB letter posted by the IASB.

October 3, 2017

News

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

October 3, 2017. The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by January 15, 2018.

September 19, 2017

News

IASB® Exposure Draft – Definition of Material (Proposed amendments to IAS 1 and IAS 8)

September 19, 2017.  The IASB has issued an Exposure Draft proposing amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2018.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.