What is meant by team materiality in Financial Reporting?

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Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements. Materiality depends on the size of the team or error judged in the particular circumstance of its omission or misstatement.
Thus, materiality provides a threshold or cut off point rather than being a primary qualitative characteristic which information must have if it is to be useful.

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