What Guidelines Are Available in AASB 1031 "Materiality" to Assist

question 24

Essay

What guidelines are available in AASB 1031 "Materiality" to assist in determining the materiality of an item?
A)If the amount is equal or greater than 10% of the appropriate base amount,the item is material.
B)If the amount is equal or greater than 10% of the appropriate base amount,the item is immaterial.
C)If the amount is equal or less than 5% of the appropriate base amount,the item is material
D)If the amount is equal or less than 5% of the appropriate base amount,the item is immaterial.
E)If the amount is equal or greater than 10% of the appropriate base amount,the item is material; if the amount is equal or less than 5% of the appropriate base amount,the item is immaterial.

• A)If the amount is equal or greater than 10% of the appropriate base amount,the item is material.
• B)If the amount is equal or greater than 10% of the appropriate base amount,the item is immaterial.
• C)If the amount is equal or less than 5% of the appropriate base amount,the item is material
• D)If the amount is equal or less than 5% of the appropriate base amount,the item is immaterial.
• E)If the amount is equal or greater than 10% of the appropriate base amount,the item is material; if the amount is equal or less than 5% of the appropriate base amount,the item is immaterial.

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Definitions:

Nutrition Counselor

A nutrition counselor is a professional who provides guidance and advice on dietary habits and nutrition for the improvement of health.

Individualized

Tailored or customized to meet the specific needs, preferences, or circumstances of an individual.

Whole Grains

Grains that contain all essential parts and naturally-occurring nutrients of the entire grain seed, offering health benefits over refined grains.

Saturated Fat

A type of fat found in animal products and some plant oils, known for raising cholesterol levels and potentially increasing heart disease risk.