Should “materiality” be principles-based?
– In this rule proposal, the IASB is kicking around the idea of having “materiality” be principles-based for a section of the financials.
– Depending on the feedback received, the IASB may use this approach to amend the disclosure requirements for other IFRS Standards.
Do you think IFRS disclosures should be part of a story with superfluous details left out of the financial statements? Or do you think IFRS disclosures should be a directory of disclosures with everything presented regardless of materiality? The IASB are pursuing the first option and here’s your chance to comment on their latest proposals…