Asked by
Shsks Shdhxus
on Nov 15, 2024
Verified
Materiality and relevance are both defined in terms of what influences or makes a difference to a decision maker.
Materiality
An accounting principle that means the significance of financial information to decision makers, considering its size or its nature.
Relevance
The importance of financial information in making economic decisions, ensuring that the data presented affects the users' understanding and actions.
- Acquire knowledge on the fundamentals and traits that steer financial reporting.
Verified Answer
LT
Learning Objectives
- Acquire knowledge on the fundamentals and traits that steer financial reporting.
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