deals with the concept of materiality
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The materiality concept refers to a situation where the financial information of a company is considered to be material from the point of view of the preparation of the financial statements if it has the potential to alter the view or opinion of a reasonable person.
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Overview. Materiality Principle or materiality concept is the accounting principle that concern about the relevance of information, and the size and nature of transactions that report in the financial statements. ... For example, in IFRS, information is material if the omission could lead to misleading in decision making.
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