In Providing Information with the Qualitative Characteristics That Render the Information

question 51

Essay

In providing information with the qualitative characteristics that render the information useful,the constraint of materiality may affect what is included and excluded from the financial information reported.
Explain the concept of materiality.

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Definitions:

Values

Fundamental beliefs or standards that guide behavior and decision-making.

Custom of the Sea

A maritime practice which justifies extreme measures for survival at sea, historically including cannibalism.

Duty-Defined Morality

A framework in ethics where the moral status of an action is based on whether it is in accordance with a set of duties and rules, rather than on the consequences of the action.

Utilitarianism

An ethical theory that posits the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.