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EFRAG has issued a draft endorsement advice letter and a separate invitation to comment relating to the endorsement for use in the EU of the Amendments.
The objectives of the Amendments are to clarify 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.
EFRAG's overall preliminary assessment is that the Amendments satisfy the criteria for endorsement for use in the EU and therefore recommends their endorsement. EFRAG is seeking comments on all aspects of its analyses supporting its preliminary conclusions.
Comments are requested by 1 February 2019.
EFRAG's draft endorsement advice letter