IPSASB releases exposure draft to align materiality definitions
IPSASB releases exposure draft to align materiality definitions
The International Public Sector Accounting Standards Board (IPSASB) has released the IPSAS Exposure Draft (ED) 93, Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework).
IPSAS ED 93 proposes aligning the definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities and IPSAS Standards by:
IPSAS ED 93 proposes aligning the definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities and IPSAS Standards by:
- Clarifying that an entity is required to consider the information needs of primary users instead of other users of GPFRs; and
- Aligning the definition of material in IPSAS 1, Presentation of Financial Statements, with Chapter 3: Qualitative Characteristics of the Conceptual Framework.