materiality (Meaning)
materiality (n)
relevance requiring careful consideration
the quality of being physical; consisting of matter
materiality (n.)
The quality or state of being material; material existence; corporeity.
Importance; as, the materiality of facts.
Synonyms & Antonyms of materiality
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materiality Sentence Examples
- The company's financial statements must adhere to the principle of materiality, ensuring only significant information is disclosed.
- Accountants determine materiality thresholds to guide their decisions on what items to record and adjust.
- Users of financial statements rely on materiality to focus on the most important financial information.
- The assessment of materiality considers not only the absolute size of an amount but also its context and impact.
- Qualitative factors, such as reputation and contractual obligations, may influence materiality determinations.
- Businesses tailor materiality thresholds to their specific circumstances, industries, and financial positions.
- Auditors review a company's materiality assessments to ensure they are appropriate and applied consistently.
- Regulators have established materiality guidelines to provide a framework for businesses to follow.
- The concept of materiality has evolved over time to reflect changes in business practices and user needs.
- Materiality judgments involve both art and science, balancing quantitative and qualitative considerations to ensure financial reporting accuracy.
FAQs About the word materiality
relevance requiring careful consideration, the quality of being physical; consisting of matterThe quality or state of being material; material existence; corpor
reality, fact,case, certainty,phenomenon, actuality, item,occurrence, inevitability, particular
illusion, fiction,fiction, possibility, fantasy, possibility, fantasy, illusion, phantasy, potentiality
The company's financial statements must adhere to the principle of materiality, ensuring only significant information is disclosed.
Accountants determine materiality thresholds to guide their decisions on what items to record and adjust.
Users of financial statements rely on materiality to focus on the most important financial information.
The assessment of materiality considers not only the absolute size of an amount but also its context and impact.
