Topical Terminology > A Misstatement Is Inconsequential
A Misstatement is Inconsequential
For A Misstatement is Inconsequential we have terms and definitions in 2 topics. The topics are Accounting and Accounting Terms.
A Misstatement Is Inconsequential (Accounting) 
If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to the financial statements. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential.
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A Misstatement Is Inconsequential (Accounting Terms)
If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to the financial statements. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential.
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