The principle that the financial information provided by a company should not omit anything material, ensuring the financial statements are comprehensive and useful for decision-making.
Materiality is an important accounting principle determining the significance of financial information and its impact on decision-making. This concept is essential for accurate financial reporting and is influenced by the size, nature, and circumstances of an item.
Non-adjusting events are occurrences that take place between the balance-sheet date and the approval of financial statements by the board of directors. These events do not relate to conditions that existed at the balance-sheet date but necessitate disclosure if they are material to the financial statements.
An auditors' report that includes qualifications due to scope limitations or disagreements regarding the treatment/disclosure of matters in financial statements based on the degree of materiality.
