1. August 2019
The IASB has issued the Exposure Draft ED/2019/6 Disclosure of Accounting Policies, Proposed amendments to IAS 1 and IFRS Practice Statement 2.
The changes proposed are resulting from the feedback the board had received on its Discussion Paper DP/2017/1 Principles of disclosure, which was part of the IASB’s Disclosure Initiative (further information).
One of the findings was that preparers’ decision on disclosing their accounting policies should be based on materiality assessments. However, the IAS currently requires disclosure of the significant – not material – accounting policies applied. This is to be adjusted with the proposed amendment to IAS 1.
In addition, the IASB proposes amendments to its Practice Statement 2 Making Materiality Judgements.
Comments shall be provided by 29 November 2019.