Immaterial Definition

Immaterial is the description of an amount not impacting financial statements significantly. In other words, information is immaterial to an entity if it doesn’t impact the financial decisions of users of an entity’s financial statements.

Recent Articles

There’s Still Time to Improve Your Lease Accounting

There’s Still Time to Improve Your Lease Accounting

Summary provided by MaterialAccounting.com: This article discusses how to reassess current lease accounting policies as audit season approaches.    For many organizations, audit season is approaching. This means this is a great time to reassess your current...

5 Accounting Tips for Small Businesses

5 Accounting Tips for Small Businesses

Summary provided by MaterialAccounting.com: This article provides tips to help small businesses organize their accounting processes. As a small business owner, you have a lot on your plate, which probably means that bookkeeping is the last thing you want to be...

What’s New?: IFRS Updates for 2023

What’s New?: IFRS Updates for 2023

Summary provided by MaterialAccounting.com: This article provides key updates from the IFRS.   It is officially summer and a time for well-deserved vacations. This time of year, when most people hear the word “international”, they think of exciting vacation...

FASB expands conceptual framework with reporting entity info

FASB expands conceptual framework with reporting entity info

Summary provided by MaterialAccounting: This article discusses changes to the conceptual framework for financial reporting under FASB.    The Financial Accounting Standards Board released a new chapter Thursday of its Conceptual Framework describing a reporting...

What Nonprofits Need to Know About ASC 842

What Nonprofits Need to Know About ASC 842

Summary provided by MaterialAccounting: Nonprofits transitioning to ASC 842 can read this article from LeaseQuery to get the tricks and tips they need for implementation.  ASC 842 at a glance ASC 842 is the new FASB lease accounting standard. It governs how entities...