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20/02/2019 - EFRAG's endorsement advice on Definition of Material (Amendments to IAS 1 and IAS 8)

​EFRAG has completed its due process regarding Definition of  Material (Amendments to IAS 1 and IAS 8).


EFRAG has submitted its endorsement advice relating to Definition of Material (Amendments to IAS 1 and IAS 8) ('the Amendments') for use in the European Union and European Economic Area to the European Commission.

The Amendments, issued in October 2018, aim at clarifying 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 assesses that the Amendments meet all the technical endorsement criteria of the IAS Regulation and are conducive to the European public good. It therefore recommends their endorsement. EFRAG's recommendation is explained in the letter to the European Commission and the accompanying appendices.

The Endorsement Advice Letter to the European Commission can be found here.

EFRAG has also updated its Endorsement Status Report, which can be downloaded here on EFRAG's web page.