DEFINING ‘MATERIAL’ AND ‘SIGNIFICANT’ Sample Clauses

DEFINING ‘MATERIAL’ AND ‘SIGNIFICANT’. The materiality concept states that financial information is material to the financial statements if it would change the opinion or view of a reasonable person. In other words, all important financial information that would sway the opinion of a financial statement user should be included in the financial statements. International Accounting Standards (IAS 1), Presentation of Financial Statements, read together with South African Accounting Standards (SAAS 320.03), defines items as material ‘if they could, individually or collectively, influence the economic decisions of users taken on the basis of the financial statements. Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor.’ Materiality can thus be either quantitative or qualitative or both. Materiality is inherently subjective in nature and it enables a company to measure and disclose only those transactions that are sufficiently large amounts to be of concern to the users of financial statements. ‘Significant’ implies a higher level of importance than ‘material’. A significant transaction impacts on Mintek as a whole. An occurrence may be material but not necessarily significant, whereas any occurrence that is significant will be material, as it will have an impact on the fulfilment of Mintek’s mandate as a public entity and its operative effectiveness. In terms of Mintek’s nature of business and extent of operations, a significant item is defined as one which exceeds the maximum monetary limit that the Chief Executive Officer of Mintek can authorise, in terms of Mintek’s Delegation of Authority. In the Mintek environment, the public nature of the funds that constitute a significant portion of Mintek’s income necessitates a narrower definition of “material” than merely being an influence on economic decisions. As such, therefore, the definition of “material” transactions within Mintek will necessarily include any transactions that may have an impact on the presentation of the annual financial statements, as an accurate representation of the “full and proper records of the financial affairs” of Mintek, as required by Section 55(1)(a) of the PFMA.
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