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Definition of "Materiality concept"

This principle permits other concepts to be ignored if the effect of that concept is not material. This principle is an exception to the rule of full disclosure. According to this concept only those items having a significant effect on the business should be disclosed in the financial statements. Judgement of materiality depends upon the common sense and discretion of the accountant. Materiality depends upon not only the amount of the item but also on the size of the business , nature / level of information , level of person making the decision etc.

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