Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 73: E2-7d

Answer

Materiality

Work Step by Step

The concept of materiality calls for all material items to be appropriately reported in financial statements. An item is considered material or immaterial if its inclusion or omission in financial statements affects the decision making of the users of financial information.
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