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“Not all accounting policies relating to material transactions are, in themselves, material.”
sir this sentence i found under the topic current issues relating to ED 2019/6 Disclosure of Accounting Policies,
sir can you play explain the quoted sentence with an example?
If an accounting policy is controversial or would significantly impact on the reported results – that would make it material.
The argument is that it is pointless to disclose ‘standard’ accounting policies – e.g. lower of cost and nrv
Please can you restrict yourself to 3 single questions per day.