Abstract: The known isospin-breaking contributions to the K -> pi pi amplitudes are reanalyzed, taking into account our current understanding of the quark masses and the relevant non-perturbative inputs. We present a complete numerical reappraisal of the direct CP-violating ratio is an element of(')/is an element of, where these corrections play a quite significant role. We obtain the Standard Model prediction Re (is an element of(')/is an element of) = (14 +/- 5) <bold> </bold>10(-4), which is in very good agreement with the measured ratio. The uncertainty, which has been estimated conservatively, is dominated by our current ignorance about 1/N-C-suppressed contributions to some relevant chiral-perturbation-theory low-energy constants.