Chapter 6 Flashcards
1
Q
How do jurisdictions across the world define materiality
A
[there are examples] - types of criteria that are different
2
Q
What criteria differ
A
Who, scope, whether mission/misstatement; where (edit)
3
Q
What is traditional materiality
A
Entirely financial, identify info that is likely to impact a company’s operating condition and financial performance.
4
Q
Global consistency:
A
substantively the same as each def focuses on the financial significance of a particular piece of info
5
Q
Australian Gov’t
A
AASB defines materiality using IFRS definition
