Hello sir ,
I just wanted to recap on materiality. Can you please confirm if my understanding is correct ?
1)Any figures below 1% is immaterial to the sfp and spl
2) figures of 2 or more and material to sfp and spl
I am confused as in revision kit I read an example : the reversal of unutilised provisions represent 2.9 % of profit so not individually material to financial statements
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Recap materiality
You should find this post helpful https://opentuition.com/topic/materiality-35
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