This question is about senior accountant skills.

What is materiality in accounting?

By Zippia Team - Dec. 9, 2022

Materiality in accounting is a principle that communicates that all items that are relatively likely to have an impact on an investor's decisions are mandated to be recorded and/or reported in an organization or business' financial statements.

The records related to materiality in accounting must meet GAAP standards when created. Materiality is directly related to the relevant importance and significance of information or data that is contained within an organization's financial statements.

If information or data is deemed to be material, then it must be reported to investors, and can not be excluded.

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