The concept that states that the reasonable material facts that disclose through the financial
statement and the informing notes is:
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Materiality states that all material facts must be a part of the accounting process. But immaterial facts, i.e. insignificant information should be left out. The materiality of a transaction will depend on its nature, value and its significance to the external user. If the information can affect a person’s investing decision then it is definitely a material fact.
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