An item of information or amount is not separately reported in a financial statement, on account of
Question:
An item of information or amount is not separately reported in a financial statement, on account of materiality, if:
(a) It accounts for less than 5% of the balance sheet total
(b) It would not be significant for economic decisions made by stakeholders
(c) It is less than one million pounds
(d) Its reporting will assist competitors
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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