Difference between revisions of "Talk:Chart of Accounts"
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(Created page with '[quote]Materiality - principles only apply to items of a material value, which is judgemental. Things of immaterial value need not follow GAAP.[/quote] I think this is a common m…') |
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[quote]Materiality - principles only apply to items of a material value, which is judgemental. Things of immaterial value need not follow GAAP.[/quote] | [quote]Materiality - principles only apply to items of a material value, which is judgemental. Things of immaterial value need not follow GAAP.[/quote] | ||
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I think this is a common misconception. Everything is material! As an accountant, you can make a judgement whether to worry about an error taking in to regard the materiality of the error - but any error is material in the sense that there should be _NO_ errors. | I think this is a common misconception. Everything is material! As an accountant, you can make a judgement whether to worry about an error taking in to regard the materiality of the error - but any error is material in the sense that there should be _NO_ errors. | ||
Revision as of 02:09, 29 October 2010
[quote]Materiality - principles only apply to items of a material value, which is judgemental. Things of immaterial value need not follow GAAP.[/quote]
I think this is a common misconception. Everything is material! As an accountant, you can make a judgement whether to worry about an error taking in to regard the materiality of the error - but any error is material in the sense that there should be _NO_ errors.
