item that has very little or no impact on the decision-making ability of the users of financial statements
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The item is an insignificant item.
- The item is related to the materiality concept which states that all material objects must be listed correctly in financial statements.
- If the presence or exclusion of an item causes a substantial effect on the judgment of a financial statement, it is termed as material.
- Immaterial or insignificant are those having a bare influence and must be treated efficiently. However, if an object does not make a difference, it does not need to be revealed.
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