Chapter 1.6 - Materiality Flashcards
1
Q
Materiality
A
- an expression of relative significance/importance of a particular matter in the context of the FS as a whole
2
Q
A matter is material if…
A
Its omission/misstatement would reasonably influence the economic decisions of users taken on the basis of FS
3
Q
Materiality depends on…
A
The size of the item/error judged in the particular circumstances of its omission/misstatement
