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LSDefine

Simple English definitions for legal terms

Materiality

Read a random definition: NESDIS

A quick definition of Materiality:

Materiality: Materiality refers to how important something is and how relevant it is to a particular situation. It helps us understand what information is significant and what is not.

A more thorough explanation:

Definition: Materiality refers to the importance or relevance of something in a particular matter. It is the extent to which something can affect a decision or outcome.

  • When a company is preparing its financial statements, it must consider the materiality of each item. For example, a small error in a $10 expense is not material, but a $10,000 error is.
  • In a court case, evidence that is material to the case is admissible, while evidence that is not material is not allowed.
  • When conducting a risk assessment, it is important to identify the material risks that could have a significant impact on the organization.

The examples illustrate how materiality is used in different contexts. In accounting, materiality is used to determine what information should be included in financial statements. In law, materiality is used to determine what evidence is relevant to a case. In risk management, materiality is used to identify the most important risks that need to be addressed.

Material Witness | Materialman's Lien

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General chat about the legal profession.
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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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