Current issue – IFRS Practice Statement on Materiality

Learn the 4 steps that an entity should follow in assessing what is material for inclusion in the financial statements.

1. Identify information that may be material for primary users – providers of finance.
2. Assess whether this information is actually material by size or nature.
3. Present the information clearly and concisely.
4. Stand back and look at the information as a whole to see what may need to be added or deleted.