IASB Publishes Proposed Amendments to IAS 1 and IFRS Practice Statement 2

The International Accounting Standards Board (IASB) has published an exposure draft (ED), Disclosure of Accounting Policies.

The proposed amendments are intended to help preparers determine which accounting policies are material and therefore must be disclosed in their financial statements. The ED would also add explanations and examples of the application of the four-step materiality process described in IFRS Practice Statement 2, Making Materiality Judgements.

Comments on the ED are due by November 29, 2019.

For more information, see the press release and ED on the IASB’s Web site.