Materiality – Precondition or Consequence of Applying Professional Reasoning in Preparing and Presenting Financial Statements
AbstractThe reliability of the accounting information is one of the most significant features in terms of quality and refers to its capacity to influence investors, creditors and other users of the financial statements in their decision-making. A reliable piece of information helps users assessing present, future and past events, confirming and correcting potential past errors. The use of materiality in the accounts helps us simplifying processing of accounting information, but we must be very attentive to the results and if they are needed in the present format. The threshold of materiality is not applied in a rigid way, but every year we need to make difficult decisions in this regard, decisions which consider both the size and characteristics of the company and its specific situation, decisions which will tend toward a degree of accuracy of 100%, only by practicing in time of the professional reasoning by the certified accountant or accountant expert.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): X (2010)
Issue (Month): 1 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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financial statements; information; reliability.;
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