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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”.
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