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A question about material level. Is the material level 1-2 % for statement of financial position, 5-10% for comprehensive statement?
How about the turnover and performance materiality?
what does it mean by performance materiality?Thanks a lot!!!
If you look at the “definition” of materiality, you’ll find no %ages mentioned! An item is material if its inclusion ( or omission ) would likely affect the view of the Financial Statements in the mind of an informed reader. %ages have been designed by accountancy firms to give themselves a guide as to what they should consider as material.
Lisa will normally give you a variation / item which is clearly material ( or clearly not material ). She’s not likely to give you a situation where it could be / could not be!
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