By Dr Thomas Geiger, Munkert & Partner
In October 2018, the International Accounting Standards Board (IASB) issued amendments to IAS 1 and IAS 8 in the context of applying IFRS. The amendments clarify the definition of “material” and how it should be applied. More definition guidance is provided, and the accompanying explanations have been improved. Finally, the amendments ensure that the definition of “material” is consistent throughout all IFRS pronouncements. The changes are effective for periods beginning on or after January 2020, although earlier application is permitted.