Explain the relationship between materiality and true fair view?

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

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.

It means that the financial statements are free from errors

Finance Manager , Executive Affairs Authority

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