Amendments to IAS 1 (see paragraphs BC76H–BC76AB of IAS 1) [When it issued IFRS 18, the IASB carried over the requirements to disclose material accounting policy information in IAS 1 to IAS 8 Basis of Preparation of Financial Statements. The IASB also carried over paragraphs BC76H–BC76AB of the Basis for Conclusions on IAS 1 to paragraphs BCZ31B–BCZ31V of the Basis for Conclusions on IAS 8.]

BC35ZAIn February 2021 the Board amended IAS 1 to require an entity to disclose itsmaterial accounting policy information rather than its significant accounting policies.

BC35ZBAs part of the amendments to IAS 1, the Board deleted from paragraph 117 of that Standard the description of what an accounting policy comprises, including the reference to ‘measurement basis (or bases)’. The Board expects that, for financial instruments, information about the measurement basis (or bases) used for the recognition and measurement of financial instruments is likely to be material to an entity’s financial statements. Consequently, the Board decided to retain the reference in paragraph 21 to ‘measurement basis (or bases)’ in describing what accounting policy information relating to financial instruments could be assessed as material to an entity’s financial statements.