Materiality - where has all the guidance gone?

On Dec 20, 2013, the Australian Accounting Standards Board (AASB) approved four new standards, two of which were related to materiality. A revised version of AASB 1031 Materiality (AASB 1031), effective from Jan 1, 2014, was issued as the first stage of the ultimate withdrawal of that standard. AASB...

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Bibliographic Details
Published inCharter Vol. 85; no. 4; p. 50
Main Author Meade, Jane
Format Trade Publication Article
LanguageEnglish
Published Sydney Institute of Chartered Accountants in Australia 01.05.2014
Subjects
Accounting
Accounting standards
Disclosure
Financial reporting
Financial statements
International Financial Reporting Standards
Materiality
Revisions
Australia
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Summary:On Dec 20, 2013, the Australian Accounting Standards Board (AASB) approved four new standards, two of which were related to materiality. A revised version of AASB 1031 Materiality (AASB 1031), effective from Jan 1, 2014, was issued as the first stage of the ultimate withdrawal of that standard. AASB 1031 was issued prior to the adoption of international financial reporting standards in Australia. The standard provided more detailed guidance on materiality than was, at that time, contained in the Framework. AASB CF 2013-1 Amendments to the Australian Conceptual Framework (AASB CF 2013-1) which was effective for periods ending on or after Dec 20, 2013 amended the existing Framework to incorporate Chapters 1 and 3 of the IASB's Conceptual Framework for Financial Reporting whilst retaining the existing AASB framework. The ASB has a disclosure initiative project on its research agenda. This project has arisen in response to calls from constituents, as part of the IASB agenda consultation, for a disclosure framework to be developed.