Normative guidance, analysis by standards bodies and business organisations; research in accounting, business management by academia

Materialitytracker serves as a resource on new studies and standard develoment trends in the field of materiality, considering the needs of  financial accountants and sustainability accountants. This section provides an overview of recent reports and background studies, reflecting varied normative approaches and methods in applying the principle of materiality.



Standards & Regulatory
AccountAbility. (2003) Redefining Materiality. Practice and Public Policy for effective corporate reporting. London: AccountAbility.

AccountAbility. (2006) The Materiality Report: Aligning Strategy, Performance, and Reporting. London: AccountAbility.

AccountAbility. (2006) “Guidance Note on the Principles of Materiality, Completeness and Responsiveness as they Relate to the AA1000 Assurance Standard”. London: AccountAbility.

AccountAbility. (2008) AA1000 AccountAbility Principles Standard 2008. London: AccountAbility.

Australian Accounting Standards Board (AASB). (2014) “To Disclose or Not to Disclose: Materiality is the Question.” Staff Paper by Joanna Spencer, Melbourne, February 2014

Australia Financial Reporting Council (FRC). (2012) Managing Complexity in Financial Reporting. FRC Managing Complexity Task Force. Canberra: FRC, The Treasury, Government of Australia.

European Commission. (2019) Guidelines on Reporting Climate-related Information. Brussels: CEC, EU.

European Securities and Markets Authority (ESMA). (2011) Consultation Paper – Considerations of materiality in financial reporting. Paris: ESMA.

Financial Accounting Standards Board (FASB). (2010) Statement of Financial Accounting Concepts No. 8.

Global Reporting Initiative (GRI). (2011) “Technical Protocol. Applying the Report Content Principles”. Amsterdam: GRI.

International Accounting Standards Board (IASB). (2010) The Conceptual Framework for Financial Reporting. London: IFRS Foundation.

International Auditing and Assurance Standards Board (IAASB). (2004) Proposed International Standard on Auditing 320 (revised) – Materiality in the identification and evaluation of misstatements (December).

International Integrated Reporting Council (IIRC). (2013) Materiality – Background paper for IR. London: IIRC.

Securities and Exchange Commission (SEC). (1999) SEC Staff Accounting Bulletin: No. 99 – Materiality. Washington DC: SEC.

Securities and Exchange Commission (SEC). (2005) Regulation S-X. Form and Content of and Requirements for Financial Statements. Washington DC: SEC.

Sustainability Accounting Standards Board (SASB). (2013) Conceptual Framework of the SASB. San Francisco: SASB.

Task Force on Climate-related Financial Disclosures. (2017) Final Report: Recommendations. Basel: TCFD, Financial Stability Board, Bank for International Settlements.

UK Financial Reporting Council (FRC). (2009) Louder than Words: Principles and actions for making corporate reports less complex and more relevant. London: FRC.

UK Financial Reporting Council (FRC). (2011) Cutting Clutter: Combating clutter in annual reports. London: FRC.

United Nations Environment Programme (UNEP) Finance Initiative. (2010) Demystifying Materiality: Hardwiring Biodiversity and Ecosystems into Finance. CEO Briefing. Geneva: UNEP FI.

United Nations Environment Programme (UNEP) Finance Initiative and Freshfields Bruckhaus Deringer. (2005) A Legal Framework for the Integration of Environmental Social and Governance Issues into Institutional Investment. UNEP FI Series. Geneva: UNEP FI.

World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD). (2004) The GHG Protocol. Corporate Accounting and Reporting Standard (2013 revised version). Washington DC, Geneva: WRI, WBCSD.

Business Reports
Association of Chartered Certified Accountants (ACCA), Fauna & Flora International and KPMG. (2013) Identifying Natural Capital Risk and Materiality. London: ACCA, FFI and KPMG.

Big Five Audit Materiality Task Force. (1998) “Materiality in a Financial Statement Audit – Considering Qualitative Factors When Evaluating Audit Findings” (August 1998).

Canadian Institute of Chartered Accountants. (2010) Sustainability: environmental and social issues briefing – questions for directors to ask. Written by Julie Desjardins and Alan Willis, Toronto: CICA.

CorporateRegister. (2014) CR Sector Overviews. Sector context, material issues and resources for CR professionals. London:

Deloitte. (2012) Integrated Reporting: Navigating your way to a truly Integrated Report. Johannesburg, Deloitte South Africa.

Fronesys. (2011) Materiality Futures: Joining Sustainability to Business Strategy. London: Fronesys.

Institute of Chartered Accountants in England and Wales (ICAEW). (2008) Guidance on Materiality in Financial Reporting by UK Entities, Tech 03/08, London: ICAEW

KPMG. (2012) Integrated Reporting: Performance Insight Through Better Business Reporting. London: KPMG.

PriceWaterhouseCoopers. (2009) Group of 100 – Less is More. Southbank VIC: The Group of 100 and PWC Australia.

World Economic Forum and Boston Cosulting Group. (2020) Embracing the new age of materiality: Harnessing the Pace of Change in ESG. Geneva: WEF. 

Research Volumes and Articles
Bertoneche, M. and Van der Lugt, C.T. (2013) “Finding the God particle of the sustainability business case: Greener pastures for shareholder value”. Harvard Business School Finance Working Paper No. 13-072.

Brennan, Niamh and Gray, S.J. (2005) “The Impact of Materiality: Accounting’s Best Kept Secret”. Asian Academy of Management Journal of Accounting and Finance, 1: 1-31.

Eccles R. G. and Krzus M. P. (2010) One report. Integrated reporting for sustainable strategy. Hoboken, New Jersey: John Wiley & sons.

Eccles R. G. and Krzus M. P. (2015) The Integrated Reporting Movement: Meaning, Momentum, Motives, and Materiality. Hoboken, New Jersey: John Wiley & sons.

Eccles, R.G., Krzus M.P., Rogers J., Serafeim G. (2012) “The need for sector-specific materiality and sustainability reporting standards”. Journal of Applied Corporate Finance 24 (2): pp 65-71.

Edgley, C. (2013) “A genealogy of accounting materiality”. Critical Perspectives on Accounting 25(3): pp 255 -271.

Eilifsen, A. and Messier, W.F. (2013) “Materiality Guidance of the Major Auditing Firms”. Norwegian School of Economics (NHH) and University of Nevada, Working Paper.

European Academy for Business in Society (EABIS). (2009) “Sustainable Value”. Brussels: EABIS with Cranflied University School of Management, SDA Bocconi School of Management, Vlerick Leuven Gent Management School.

Graham, J. et al. (2005) “The Economic Implications of Corporate Financial Reporting.” Journal of Accounting and Economics 30: pp. 3-73.

Heitzman, S., Wasley, C.E. and Zimmerman, J.L. (2007) “The Joint Effects of Materiality Thresholds and Voluntary Disclosure Incentives on Firms’ Disclosure Decisions”. Simon School of Business, University of Rochester, Working Paper.

Holder, W.W., Schermann, K.R. and Whittington, R. (2003) “Materiality Considerations”. Journal of Accountancy, Nov 2003: pp 61-66.

Johnson, S. (2009) Mixed signals: A new reason to revisit materiality. (September 24).

Lydenberg, S. (2012) “On Materiality and Sustainability: The Value of Disclosure in the Capital Markets”. Boston: Initiative for Responsible Investment and Hauser Center for Nonprofit Organizations, Harvard University.

Messier, W.F., Martinov-Bennie, N. and Eilifsen, A. (2005) “A Review and Integration of Empirical Research on Materiality: Two Decades Later”. Auditing: A Journal of Practice & Theory 24 (2): pp 153-187.

Mio, C. and Fasan, M. (2013) “Materiality from financial towards non-financial reporting”. University of Venice, Department of Management Working Paper 19/2013.

Molina-Azorin, J.F. (2009) “Green management and financial performance: A literature review”. Management Decision 47(7): pp 1080 – 1100.

Moroney, R. and Trotman, K. (2013) “Differences in Auditors’ Materiality Assessments When Auditing Financial Statements and Sustainability Reports”. UNSW Australian School of Business Research Paper No. 2013 ACCT10.

Myers, L., Scholz, S. and Sharp, N.Y. (2013) “Restating Under the Radar? Determinants of Restatement Disclosure Choices and the Related Market Reactions.” Texas A&M University (Austin) Working Paper.

Newton, L.K. (1977) “The Risk Factor in Materiality Decisions”. The Accounting Review 52: pp 97-108.

Pinsker, R., Pitre, T. and Daigle, R. (2006) “Event-Based Materiality: An Exploratory Study in Response to Sarbanes-Oxley Section 409 and Regulation Fair Disclosure”. Florida Atlantic, St. Thomas and Sam Houston State Universities, Working Paper.

Rogers, J. and Serafeim, G. (2019) “Pathways to Materiality: How Sustainability Issues become Financially Material to Corporations and their Investors.” Harvard Business School Working Paper, No. 20-056.

Skinner, D. J. (1994) “Why firms voluntarily disclose bad news.” Journal of Accounting Research 32(1): pp 38– 60.

Van Arsdell, Stephen C. (1975) “Criteria for determining materiality”. 
Journal of Accountancy 139: pp 72-78.