Proposals to clarify Accounting Policies, Accounting Estimates, and 'Material'

These proposals are relevant for Tier 1 and Tier 2 for-profit entities.


The International Accounting Standards Board (IASB) has published for comment two exposure drafts. 

  • ED/2017/5 Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8); and
  • ED/2017/6 Definition of Material (Proposed amendments to IAS 1 and IAS 8).

Accounting Policies and Accounting Estimates

ED/2017/5 proposes to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to help entities distinguish accounting policies from accounting estimates. 

We encourage you to read the Exposure Draft and provide your comments on the proposals.

More Information button


Definition of 'Material'

ED/2017/6 proposes to amend IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to clarify the definition of 'material'. 

We encourage you to read the Exposure Draft and provide your comments on the proposals.

More Information button


How to comment

You can send your comments on one or both Exposure Drafts in an email or letter and these can be formal or informal.

Comments are due on both Exposure Drafts to the New Zealand Accounting Standard Board by
24 November 2017 and to the IASB by 15 January 2018.