Material Accruals Sample Clauses
The Material Accruals clause defines how significant expenses or revenues that have been incurred but not yet paid or received are recognized and recorded in financial statements. In practice, this clause ensures that all material financial obligations or entitlements are accounted for in the correct accounting period, even if the actual cash transaction occurs later. By doing so, it provides a more accurate and timely reflection of a company's financial position, preventing misstatements and ensuring compliance with accounting standards.
Material Accruals. All material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal or state pension plan premiums, accrued wages, salaries and commissions and employee benefit plan payments have been reflected in the books and records of the Company or the Subsidiaries;
Material Accruals. All accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal or provincial pension plan premiums, accrued wages, salaries and commissions and employee benefit plan payments have been reflected in the books and records of the Credit Parties in all material respects.