Information is considered material if:     it would have a bearing on decisions of those who use the financial statements.     there is a substantial likelihood that a reasonable investor would not be concerned about the information.     an item is so insignificant that users would likely ignore it.     the FASB explicitly rules the transaction or item to be material.

What are accounting errors and how they are reported. What are the disclosure requirements for correction of errors.  Please see FASB codification to discuss the disclosure requirements.

The objective of general-purpose financial reporting is? to provide users with financial information that implies total freedom from error to provide companies with the option to select information that favors one set of interested parties over another O to provide financial information about the reporting entity that is useful to present and potential equity investors, lender and other creditors in making decisions in their capacity as capital providers to provide a metric for financial information used to determine when the boundary between two or more entities should disregarded and the entities considered to be a licensing arrangement

Accounting is irrelevant in decision making because the information it provides relates only to the past. Evaluate this remark