Priya Awasthypriya awasthy asked 2 years ago

Respected sir,
I just wanted to clarify that the concept of benchmarking is applied for determining materiality level for the financial statement as a whole or it can be applied at aasertion level also

1 Answers
RaviRavi Staff answered 2 years ago

Materiality is generally decided in following manner 
Profit  x 5 %
Total Assets x 2%
Total Revenue x 0.5%
So these profits , total assets and total revenue are considered benchmarks

Call Back Request