On 19 February 2016, Insurance Europe published responses to the International Accounting Standards Board's (IASB) Exposure Draft (ED/2015/8) 'IFRS Practice Statement: Application of Materiality to Financial Statements'.  Insurance Europe commended the IASB for its effort to address the disclosure overload in IFRS financial reports. Other key views highlighted included (a) the importance of a common understanding of materiality amongst stakeholders and (b) that the IASB should await the finalisation of its Principles of Disclosures project before issuing the practice statement.