IAS 8Chapter 3Lesson 1
Applying the IFRS that addresses the transaction; the materiality threshold
Step 1 of 8Learning objectives
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When an IFRS specifically applies to a transaction, the policy is the one that IFRS prescribes. IFRS policies need not be applied when their effect is immaterial, but a deliberate immaterial departure made to achieve a particular presentation is never acceptable.
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Learning objectives
- Identify the IFRS that specifically applies to a transaction and derive the policy from it.
- Assess whether an immaterial departure is acceptable or whether it targets a particular presentation.