Provides a broad, non-binding framework for presenting management commentary on financial statements that have been prepared in accordance with IFRS Standards.
IFRS Practice Statements and Guides
The International Accounting Standards Board (IASB) has issued the following IFRS Practice Statements and Guides.
These publications provide non-mandatory guidance. Entities applying IFRS® Standards, are not required to comply with these publications 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 publications. You are still required to comply with all applicable laws and regulations.
IFRS Practice Statement 1 - Management Commentary (MCPS1)
IFRS Practice Statement 2 - Making Materiality Judgements (MPS2)
Provides guidance and examples that help preparers in making materiality judgements.
Guide to Selecting and Applying Accounting Policies - IAS 8
Provides guidance on how to apply IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in selecting and applying accounting policies for transactions, other events and conditions.
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).