IFRS Practice Statements

  • For-profit

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.

Note, if your entity reports in accordance with NZ IFRS, you may be subject to other requirements or guidance on matters covered in these IFRS Practice Statements. You are still required to comply with all applicable laws and regulations. 


IFRS Practice Statement 1 - Management Commentary (MCPS1)

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.

IFRS Practice Statement 1


IFRS Practice Statement 2 - Making Materiality Judgements (MPS2)

This IFRS Practice Statement provides guidance and examples that help preparers in making materiality judgements.

IFRS Practice Statement 2