IAASB Issues Materiality FAQs for ISSA 5000
Brought to you by SA Accounting Academy: The International Auditing and Assurance Standards Board (IAASB) has released a Frequently Asked Questions (FAQ) publication on materiality to support the practical implementation of International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
Under ISSA 5000, which applies to sustainability assurance engagements for periods beginning on or after 15 December 2026, the concept of materiality is fundamental to both reporting entities and assurance practitioners. The FAQ document provides explanatory guidance and illustrative examples to assist stakeholders in applying materiality consistently without amending, overriding, or superseding the requirements of ISSA 5000.
The publication addresses several practical implementation issues, including:
- Understanding how qualitative and quantitative materiality criteria apply to varied sustainability topics;
- Clarifying how reporting entities and assurance practitioners evaluate materiality in sustainability information; and
- Integrating materiality considerations across related IAASB support materials and framework requirements.
Click here to download the IAASB ISSA 5000 Materiality FAQs Publication.
What this means for you, your business, or your clients
- For yourself: Develop technical familiarity with qualitative and quantitative materiality thresholds under ISSA 5000 ahead of the mandatory effective date of 15 December 2026.
- For your business: Audit and assurance practices must update their internal methodology and risk assessment frameworks to align with IAASB materiality guidance for sustainability engagements.
- For your clients: Advise corporate preparers on how assurance practitioners will evaluate reporting boundaries, qualitative factors, and materiality thresholds in sustainability disclosures.
Originally published at https://accountingacademy.co.za/news/read/iaasb-new-issa-5000-materiality-faqs