Materiality of non-cash asset thefts
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What are the impacts of Non-Cash asset thefts on balance sheet and income statement? When does it become material?
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Solution Summary
The solution defines the materiality concept and then provides three examples of when materiality could be judged to impact the financial statements.
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Remember that the definition of materiality is the "magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed ...
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