On 1 August 2018, the Accounting Standard Council (ASC) has issued the SFRS(I) Practice Statement and FRS Practice Statement: Making Materiality Judgements.
This Practice Statement should be read in the context of its objective, the Preface to Singapore Financial Reporting Standards (International), the Conceptual Framework for Financial Reporting, SFRS(I) Standards, and the Basis for Conclusions on International Financial Reporting Standards.
This SFRS(I) Practice Statement 2 Making Materiality Judgements (Practice Statement) provides reporting entities with non-mandatory guidance on making materiality judgements when preparing general purpose financial statements in accordance with SFRS(I) Standards.
The guidance may also help other parties involved in financial reporting to understand how an entity makes materiality judgements when preparing such financial statements.
More details can be viewed from the ASC website.
Source: ASC, 2 August 2018