ED published on Disclosure of Accounting Policies

On 1 August 2019, the IASB published an exposure draft of proposed amendments to IAS 1 – Presentation of Financial Statements and Practice Statement 2 – Making Materiality Judgements. The amendments relate to the disclosures required on entities’ accounting policies.

Keywords: Mazars, Thailand, IFRS, IAS 1, IASB

31 October 2019

The ED proposes to amend IAS 1 to require entities to disclose only their ‘material’ accounting policies, as opposed to their ‘significant’ accounting policies, in line with the new definition of materiality, which focuses on whether information could reasonably be expected to influence decisions made by users of the entity’s financial statements.

Explanatory paragraphs will also be added to IAS 1 and Practice Statement 2 to help entities determine whether accounting policies are material. Practice Statement 2 will also include worked examples.

The comment period is open until 29 November 2019. The exposure draft is available on the IASB’s website.