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متابعة

Explain the relationship between materiality and true fair view?

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تم إضافة السؤال من قبل Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
تاريخ النشر: 2019/11/01
Olatunji Soetan
من قبل Olatunji Soetan , bank teller , Eco bank

materiality is the most important concept in financial reporting. ... Where information that is required by a financial reporting standard is omitted or misstated and such information is deemed material, those financial statements cannot then be said to achieve a fair presentation or give a true fair view

Cynthia Fombo  ACCA
من قبل Cynthia Fombo ACCA , Senior Accountant , British Integrated Group of Co

The relationship between materiality and ‘true and fair’ view is that the financial statement(FS) can only give a true and fair view if a misstatement is lower than the materiality threshold. Therefore, the materiality threshold will determine if there is a misstatement in the FS and hence determine the conclusion on whether the FS gives a ‘true and fair’ view.

Stanford Banji Maambo
من قبل Stanford Banji Maambo , Senior Accountant , Astro Holdings Limited

It means that the financial statements are free from errors

Krishna bahadur gurung
من قبل Krishna bahadur gurung , Chef Da Partie Butchery , Iberotel miramar hotel

Finance Manager , Executive Affairs Authority

Vipul Kapadia
من قبل Vipul Kapadia , Asst. Finance Manager , Abu Dhabi National Oil Company

Materiality means the vital information in reports are either missing or misinterpreted where as true and fair means financial statement are free from any missing facts

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