- This topic has 1 reply, 2 voices, and was last updated 4 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
- Posts
ma’am is there any difference between SIGNIFICANT and MATERIAL matters/accounting records?
They are often used inter-changeably but they don’t always have the same meaning.
Material has a specific IFRS meaning which relates matters to the financial statements. So we can say “revenue is material”, “inventory is immaterial” – and this is what we should say rather than “revenue is significant”, “inventory is insignificant”.
Significance has a wider mean – “significant deficiency”, “significant risk”, “significant judgment”, “significant influence”.
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.