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I learned the materiality ranges as the following:
Revenue 0.5% – 1%
PBT 5% – 10%
Total assets 1% – 2%But the ACCA mark scheme for March/June 2023 (22/23) says that the materiality range for revenue is 1% – 2%
I want to know if the ranges I mentioned above are fine to use or are they incorrect and is the range given for revenue by the mark scheme only correct ?
What you learnt is correct. The examining team also allowed 1-2% revenue because that was a norm in some jurisdiction. However, since all students now have access to the Study Hub, 1/2 – 1% revenue is the norm to follow.
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