IFRS Practice Statements

The International Accounting Standards Board (IASB) has issued the following IFRS Practice Statements.

These practice statements provide non-mandatory guidance.

Entities applying IFRS® Standards, are not required to comply with these IFRS Practice Statements in order to state compliance with IFRS Standards.

We have provided access to these practice statements for entities preparing financial statements in accordance with NZ IFRS.

Note, entities reporting in accordance with NZ IFRS, may be subject to other requirements or guidance on matters covered in these IFRS Practice Statements.  Entities are still required to comply with all applicable laws and regulations. 


IFRS Practice Statement 1 - Management Commentary (MCPS1)

Issued in December 2010, this IFRS Practice Statement provides a broad, non-binding framework for presenting management commentary on financial statements that have been prepared in accordance with IFRS Standards.

Entities preparing general purpose financial reports in accordance with NZ IFRS, may elect to apply the principles contained in MCPS 1 to management commentary that relates to those financial reports.

IFRS Practice Statement 2 - Making Materiality Judgements (MPS2)

Issued in September 2017, this IFRS Practice Statement provides guidance and examples that help preparers in making materiality judgements.

Entities preparing general purpose financial statements in accordance with NZ IFRS, may elect to apply the guidance contained in MPS2 when making materiality judgements when preparing those financial statements.

This page refers to the work of the International Accounting Standards Board (IASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).