Business, Legal & Accounting Glossary
Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.
Within auditing and accounting, Materiality is a concept or convention relating to the importance/significance of an amount, transaction, or discrepancy.
Materiality is a concept that defines why and how certain issues are important to a business or industry. A material issue can have a significant impact on a company’s financial, economic, reputational, and legal aspects, as well as its system of internal and external stakeholders.
substantiality, corporeality, substance, importance, significance
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This glossary post was last updated: 26th January, 2022 | 0 Views.