Accountancy, asked by vishalprasad059, 5 hours ago

Explain the convention of Materiality' giving examples. Does Materiality contradict Full Disclosure' ?​

Answers

Answered by khushikumari15122006
1

Answer:

Full disclosure principle requires that all the facts necessary to ensure that financial statements are not misleading must be disclosed, whereas materiality principle requires those items and events that have insignificant economic effect or are not relevant for decision making need not be disclosed.

Answered by kawalern1305
0

Answer:

Full disclosure principle requires that all the facts necessary to ensure that financial statements are not misleading must be disclosed, whereas materiality principle requires those items and events that have insignificant economic effect or are not relevant for decision making need not be disclosed

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