the insignificant items and events having an insignificant economic effect need not be disclosed mention the concept
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materiality concept .....
sujiritha95:
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In the recording of events and transactions on the financial statements insignificant items and factors that can not bring any change to the economy either both and negative impacts should not be mentioned in any financial statements or books of account since the financial recordings strictly deals with matters and events whose value can be measured with money.
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