EFRAG Endorsement advice on definition of material
Released 20 February 2019
The European Financial Reporting Advisory Group (EFRAG) has completed its due process regarding Definition of Material (Amendments to IAS 1 and IAS 8).
EFRAG has submitted its endorsement advice relating to Definition of Material (Amendments to IAS 1 and IAS 8) for use in the European Union and European Economic Area to the European Commission. The Amendments, issued in October 2018, aim at clarifying the definition of material by including guidance that until now has featured elsewhere in IFRS Standards; align the definition used in the Conceptual Framework for Financial Reporting with that in the IFRS Standards themselves; and improve the explanations accompanying the definition. The Amendments become effective for annual periods beginning on or after 1 January 2020, with earlier application permitted.
For more information, see EFRAG'S endorsement advice on Definition of Material (Amendments to IAS 1 and IAS 8).