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.

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.

If your entity prepares general purpose financial reports in accordance with NZ IFRS, you may elect to apply the principles contained in MCPS 1 to management commentary that relates to those financial reports.

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.

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

IFRS Practice Statement 2