IASB Proposes Amendments to IAS 1 and IFRS Practice Statement 2 on Accounting Policy Disclosures

The IASB has issued an exposure draft (‘ED’) to amend IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2, Making Materiality Judgments. These amendments modify the guidance on the disclosure of accounting policies in a number of ways, including a change in the terminology surrounding which policies should be disclosure (e.g. replacing ‘significant’ accounting policies with ‘material’ accounting policies).

The amendment also proposed to provide more guidance on what constitutes a ‘material’ accounting policy.

The exposure draft and related documents can be accessed here.