IPSASB releases definition of ‘materiality’
IPSASB releases definition of ‘materiality’
The International Public Sector Accounting Standards Board (IPSASB®) issued its Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework).
The amendment clarifies that information needs of the primary users of GPFR should be considered instead of the needs of other users. The amendment also aligns the definition of material in IPSAS 1 Presentation of Financial Statements, with Chapter 3 of the Conceptual Framework on Qualitative Characteristics.
The announcement and link to the amendment may be accessed here.
The amendment clarifies that information needs of the primary users of GPFR should be considered instead of the needs of other users. The amendment also aligns the definition of material in IPSAS 1 Presentation of Financial Statements, with Chapter 3 of the Conceptual Framework on Qualitative Characteristics.
The announcement and link to the amendment may be accessed here.