MATERIALITY PRINCIPLE Definition

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MATERIALITY PRINCIPLE requires accountants to use generally accepted accounting principles except when to do so would be expensive or difficult, and where it makes no real difference if the rules are ignored. If a rule is temporarily ignored, the net income of the company must not be significantly affected, nor should the readers ability to judge the financial statements be impaired.

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PROGRESSIVE TAX is an income tax system to where the more income that is made the higher the tax percentage that must be paid.

PROFESSIONAL SUBSCRIBER means all other persons who do not meet the definition of Non-Professional Subscriber. See NON-PROFESSIONAL SUBSCRIBER.

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