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:

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A society characterized by the widespread purchase and consumption of goods and services, heavily influenced by advertising, media, and technological advancements.

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