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AASB plans to withdraw AASB 1031 Materiality

The AASB has issued ED 243 Withdrawal of AASB 1031Materiality , containing its proposals to withdraw this standard and make consequential amendments to almost all of its other standards and interpretations which currently make reference to AASB 1031. The ED reflects the board’s view that maintaining AASB 1031, which has no IFRS equivalent, is no longer necessary in the Australian context because improved guidance on materiality is now contained within the IFRS conceptual framework and more is planned by the IASB. The ED is open for comment until 23 August 2013.

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