väsentligheter
Väsentligheter is a Swedish term that translates to "materialities" or "essentials" in English. It is commonly used in accounting and auditing to refer to information that, if omitted or misstated, could influence the economic decisions of users of financial statements. The concept of materiality is central to determining what information needs to be disclosed and presented in a reliable manner. Auditors use materiality to plan and perform their audits, focusing their efforts on areas where misstatements are more likely to be material.
The determination of materiality involves both quantitative and qualitative factors. Quantitatively, it relates to the size
In accounting standards, such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP),