Current Status of the Project
The IPSASB approved the Project Brief, Making Materiality Judgements, which will be undertaken in three distinct phases. The scope of Phase 2 includes developing non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgments. This narrow-scope project will efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS Standards.
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.
Image
Project Overview
Objective
The objective of this project is to:
- Amend authoritative guidance to achieve a consistent/aligned definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (‘Conceptual Framework’) and IPSAS Standards; and
- Develop non-authoritative guidance to clarify how to make materiality judgements when preparing GPFR in accordance with IPSAS and IPSASB SRS Standards.
This will ensure that GPFR provide relevant information to users for accountability and decision-making purposes
Why the IPSASB Undertook this Project
The IPSASB proposed adding the Making Materiality Judgements project because feedback received highlighted that some entities have difficulties making materiality judgments and tend to use disclosure requirements in IPSAS® Accounting Standards as a checklist instead of applying judgement on what information is material and should be included in the general-purpose financial statements (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