Home delivery sales
The appropriate indicator of materiality with regard to the home delivery sales is revenue, as the home delivery sales form part of the total revenue of the company.
$0.6 million is 1.4% of the total revenue for 20X2 (see Working 1).
An item is generally considered to be material if it is in the region of ½–1% of revenue, so the home delivery services are material.
Provision
The appropriate indicators of materiality with regard to the provision are total assets and profit, as the provision affects both the statement of financial position (it is a liability) and the statement of profit or loss and other comprehensive income (it is a charge against profit).
$0.2 million is 0.65% of total assets in 20X2 (see Working 2). As an item is generally considered to be material if it is in the region of 1–2% of total assets, the provision is not material to the statement of profit or loss and other comprehensive income.
However, $0.2 million is 11% of profit before tax for 20X2 (see Working 3). An item is considered material to profit before tax if it is in the region of 5%. Therefore, the provision is material to the statement of financial position.
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