Current Status of the Project
The IPSASB discussed the approach and the necessary public sector adaptations to develop non-authoritative guidance on applying materiality, which will assist public sector entities in applying materiality when preparing financial statements in accordance with IPSAS Standards. The IPSASB will review an updated ED at its March 2026 meeting to determine whether further public sector adaptations are necessary.
Project Timeline
The project timeline is depicted below. Please note that these are current targeted milestones/phases and may change as the work in this area progresses.
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Project Overview
Objective
The objective of this project is to develop non-authoritative guidance to clarify how to make materiality judgments when preparing GPFS in accordance with IPSAS® Accounting Standards. This will ensure that general-purpose financial statements (GPFS) provide relevant information to users for accountability and decision-making purposes.
Why the IPSASB Undertook this Project
The IPSASB proposed adding the Making Materiality Judgments project because feedback received highlighted that some entities have difficulties making materiality judgments and tend to use disclosure requirements in IPSAS Standards as a checklist instead of applying judgment on what information is material and should be included in the GPFS.
Task Force Members
No Task Force was appointed for this project
Contact
Published Documents and Support
Documents in this section include:
- Major documents published by the IPSASB during the lifecycle of the project including: Consultation Papers, Exposure Drafts, issued IPSAS, amendments to IPSAS, and other similar due process documents;
- Supporting material related to each published document including: snapshots, webinars, and other material; and
- The project-relevant IPSASB agenda papers.
Content
Content