ICAI Comment Window for IPSAS ED 97 on Materiality Judgments Closes August 22

The Institute of Chartered Accountants of India's consultation portal shows that the comment period for Exposure Draft 97, IPSAS Practice Statement, Making Materiality Judgments, closes on 22 August 2026.

The consultation is relevant to professionals involved in public-sector accounting, financial reporting, standard-setting and assurance because the proposal focuses on how preparers make and document materiality judgments when applying IPSAS Accounting Standards.

What ED 97 is trying to do

ICAI's consultation page states that the objective of the exposure draft is to develop non-mandatory guidance on making materiality judgments in financial statements prepared under IPSAS Accounting Standards. The proposed guidance is aligned with IFRS Practice Statement 2 on materiality judgments but adapted to the public-sector context.

That distinction matters. Materiality is not simply a numerical threshold. It requires judgment about whether information could influence the decisions or accountability assessments of users of financial statements. A public-sector adaptation therefore has to account for the different objectives, users and accountability considerations that can arise in government and other public-sector reporting environments.

Deadline and official submission route

The ICAI portal identifies 22 August 2026 as the comment-letter deadline and provides a dedicated facility to submit a comment letter. The same page also links the underlying Exposure Draft 97 document and allows users to view comment letters submitted through the consultation process.

Professionals intending to respond should therefore use the official ICAI consultation portal rather than relying on secondary summaries. Since the deadline falls today, comments should be prepared and submitted promptly after reviewing the exposure draft itself.

Who may want to review the proposal

The consultation is especially relevant to accountants and finance professionals working with public-sector entities, government-linked organisations, public financial management, accounting advisory, audit and standard-setting. Academics and professionals who work on the relationship between IPSAS and IFRS-based financial reporting may also find the proposed alignment and public-sector adaptations significant.

ICAI's consultation portal currently keeps ED 97 open for comments only until August 22. Anyone planning to respond should review the official exposure draft, identify specific drafting or implementation points, and submit comments through ICAI's official consultation facility before the window closes.

Key takeaway

The consultation closes today, creating immediate action value for accounting professionals and public-sector reporting stakeholders who want to submit comments.