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What is the new definition of materiality as promulgated by IASB? Explain materiality in relation to relevance. Explain the obscuring information threshold for materiality. Explain

  1. What is the new definition of materiality as promulgated by IASB?
  2. Explain materiality in relation to relevance.
  3. Explain the "obscuring information" threshold for materiality.
  4. Explain the "could reasonably to expected to influence" threshold for materiality.
  5. When is an item material?

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