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Materiality

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Materiality

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • July 29, 2018 at 4:31 pm #465148
    zkaay
    Participant
    • Topics: 212
    • Replies: 98
    • ☆☆☆

    Hi sir,

    Regrding materiality threshold.

    Should we compare each figure for example ( deffered income) to all total assets/revene and profit?

    July 30, 2018 at 6:47 am #465201
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8312
    • ☆☆☆☆☆

    No – materiality of a monetary amount is only meaningfully assessed against a RELEVANT parameter. For example, failure to provide for a liability means that expenses are understated – it makes no sense to measure this against revenue or total assets as it affects only profit – so it should be calculated only as a % of profit to determine if the misstatement is material.

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