ACCA welcomes the opportunity to comment on the IPSASB Exposure Draft (ED) 97, IPSAS Practice Statement, Making Materiality Judgements. The ability of general-purpose financial statements in the public sector to support the discharge of accountability and effective decision-making requires preparers to make high-quality judgements about the materiality of information presented in their organisations’ financial statements.

ACCA endorses the overall approach that the IPSASB has adopted to developing ED 97, by adapting IFRS Practice Statement 2 for the public-sector context. However, ACCA recommends that the IPSASB could enhance its proposed guidance by ensuring that the illustrative examples within ED 97 align more closely with the context of financial reporting in the public sector. 

To read ACCA’s complete comments, please download the document found on this page.