EFRAG has been asked by the European Commission to provide it with advice and supporting material on Definition of Material (Amendments to IAS 1 and IAS 8) (‘the Amendments’). In order to do so, EFRAG has been carrying out an assessment of the Amendments against the technical criteria for endorsement set out in Regulation (EC) No 1606/2002 and has also been assessing the costs and benefits that would arise from their implementation in the European Union (‘the EU’) and European Economic Area.
A summary of the Amendments is set out in Appendix 1 of the accompanying Draft Letter to the European Commission regarding endorsement of the Amendments.
Before finalising its assessment, EFRAG would welcome your views on the issues set out below. Please note that all responses received will be placed on the public record, unless the respondent requests confidentiality. In the interests of transparency, EFRAG will wish to discuss the responses it receives in a public meeting, so it is preferable that all responses can be published.
Comments should be submitted by 1 February 2019.