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11/12/2018 - EFRAG requests comments on its Draft Endorsement Advice on Definition of Material (Amendments to IAS 1 and IAS 8)

​EFRAG is consulting on both its assessment of Definition of Material (Amendments to IAS 1 and IAS 8) ('the Amendments') against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good. Comments are requested by 1 February 2019.


​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.

EFRAG's draft endorsement advice letter is available here.
You are asked to provide your comments on the draft endorsement advice letter either:

  • through the web form survey available here ; or
  • by downloading the Invitation to Comment,  filling in the comments, and submitting the response by clicking on the ‘Comment publication’ link below.

Comments are requested by 1 February 2019.

For your information, EFRAG has also updated its Endorsement Status Report, which is available on EFRAG's website​.