Amendments to IFRS Standards to improve accounting policy disclosures.
The International Accounting Standards Board issued a narrow scope amendment to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to assist preparers in identifying which accounting policies to include in their financial statements by replacing the requirement to disclose all ‘significant’ accounting policies to all ‘material’ policies.
The amendment also provides guidance on what is considered material and clarifies that when including non-material policies they must not obscure the material ones.
See attached for a more detailed analysis of the changes.
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