
Thumbpicker
Well-known member
In accounting things can be material due to percentage (normally > 5% to 10% depending on what it is) but they can also be material by nature ie. eg. It includes any item that could be as a result of serious mismanagement, fraud, illegality or irregularity or intentional misstatement or misrepresentation etc.Significant = meaningful, notable and it is relative. So for me 50k is significant. In the case of millions of rapes, yeah, I think it’s significant.
So you could argue getting 1 in 20 people convicted that are innocent is material by nature and it is on the threshold of materiality quantitatively as well under the 5% rule.