Making Materiality Judgements - Phase 2

The IPSASB approved its Exposure Draft (ED) 97, IPSAS Practice Statement, Making Materiality Judgements. This ED includes non-authoritative guidance on making materiality judgments when preparing financial statements in accordance with IPSAS® Accounting Standards. The guidance is aligned with IFRS® Practice Statement 2 Making Materiality Judgements (Practice Statement 2) and adapted to the public sector context.

Due Process Checklist

Project Overview

Objective

The objective of this project is to develop non-authoritative guidance on making materiality judgments when preparing general-purpose financial statements (GPFS) in accordance with IPSAS® Accounting Standards. This will ensure that 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 GPFS.

Task Force Members

No Task Force was appointed for this project

Contact

• Emma Tran, Manager

Published Documents and Support

Documents in this section include:

1. 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;
2. Supporting material related to each published document including: snapshots, webinars, and other material; and
3. The project-relevant IPSASB agenda papers.