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SFRS(I) 1–1 and FRS 1 Presentation of Financial Statements were updated to require companies to disclose their material accounting policy information instead of significant accounting policies. The narrow scope amendments are intended to help companies improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. The amendments apply for annual reporting periods beginning on or after 1 January 2023.
Arising from the updates to SFRS(I) 1–1 and FRS 1, the references to “significant accounting policies” in the illustrative auditor’s reports in Appendix 1 of RAP 7 have been updated to “material accounting policy information” to align to the terminology used in the updated SFRS(I) 1–1 and FRS 1. The updates would be effective for audits of financial statements for periods beginning on or after 1 January 2023.
Please click here for the RAP 7 (Revised August 2023).