ASCG submits comment letter on the ED/2015/8

Today, the ASCG has submitted its comment letter regarding the Exposure Draft ED/2015/8 IFRS Practice Statement: Application of Materiality to Financial Statements to the IASB as well as to EFRAG (comment letter to IASB/ comment letter to EFRAG).

The ASCG has the view that the benefits of the proposed guidance in the ED are limited for preparers with a reasonable accounting knowledge of IFRS. Many examples in the ED either merely repeat current IFRS guidance or remain vague and are therefore without substantial help. The ASCG thinks that the guidance should not be published as an IFRS Practice Statements but should be published as educational material.