{
  "tool_id": "art-374-test-nav-error-materiality",
  "tool_version": "1.0.0",
  "display_name": "Test NAV-Error Materiality",
  "mcp_name": "test_nav_error_materiality",
  "mandate_type": "attestation_mandate",
  "wave": 51,
  "gpu": false,
  "url": "https://ainumbers.co/chaingraph/art-374-test-nav-error-materiality.html",
  "description": "Compares an erroneous NAV-per-share against a corrected NAV-per-share against a DECLARED materiality policy (the industry half-cent absolute and 1% relative conventions, plus the fund's own policy taken as an input) using fixed-point BigInt money math throughout. Returns a material/immaterial verdict, affected-period math, an estimated impact figure, and a reprocessing-need indication. The fund-ops incident artifact. HARD FENCE: the erroneous and corrected NAV values are supplied and asserted, never independently recomputed here; this attests the arithmetic of the error comparison against a declared policy, never an accounting opinion, never a determination that a fund must reprocess, never advice. Second entry of the Funds/NAV family (nav-verification-pack) alongside recompute_fund_nav (FN-1) and compute_fund_expense_ratios (FN-3). Not recompute_fund_nav (independent NAV recomputation) or any fair-value/pricing tool.",
  "input_schema_ref": "chaingraph/art-374-test-nav-error-materiality.html#manifest",
  "deadline": null,
  "deadline_note": "No statutory deadline; NAV-error materiality testing is a fund-operations incident-response control, not a periodic filing.",
  "consumes": [
    "art-373-recompute-fund-nav"
  ],
  "feeds": [],
  "status": "live",
  "conformance_fixtures": true,
  "compute_capability": "server",
  "compute_images": [{"system":"sha256-source","image_id":"sha256:ea70af686a6a7920e78cc9a8c561971099404d2b051fae1c6f6fcf613ab89e7a","valid_from":"2026-07-10"},{"system":"risc0","image_id":"sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6","valid_from":"2026-07-19"}],
  "export_capability": [
    "pdf",
    "xlsx"
  ],
  "compute_proof_ready": "ready",
  "compute_proof": {"type":"ZkVmReceipt","system":"risc0","receiptFormat":"groth16-bn254","imageId":"sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6","seal":"J2MQqIYkffFMdOGanfutegsltkJKuLwGpMSz6x/L3+ke88ly3noRuzpzqRXZdAPuuPapMsCe8LRQ7JbVQCJuKi7zOXloOvp6isIipHDzMSYWTKtPmBORvljtjcZFxDaSAf/W76ul4LpZGlaEc+WCKhXhpPUDqRxSk4JysKE84LcmJGFPwdpzbBEmtec86sGW+vwknh6QWe0jT4ICrGM4pQ9Mo/bPzNqJa8aZewUmePY+tyBKfDeybbbF6COLEBbBGiUwtr6bPdkiQTqulnc9HWWfW+vySaoHX6+Jy/WLfNcAbMEEANTNRylXtk7yKo6efu9FO0jApDx8sZz5Qih8Bg==","journal":{"chaingraph_version":"0.4.0","kernel_digest":"sha256:ea70af686a6a7920e78cc9a8c561971099404d2b051fae1c6f6fcf613ab89e7a","output":{"affected_period":{"days":null,"end_date":null,"start_date":null},"declared_policy":{"absolute_breach":false,"absolute_threshold":"0.00500000","material":false,"percent_breach":false,"percent_threshold":"1.000000","policy_source":"industry_default"},"error":{"corrected_nav_per_share":"10.00000000","erroneous_nav_per_share":"10.00100000","error_amount":"0.00100000","error_amount_abs":"0.00100000","error_direction":"overstated","error_pct_abs":"0.010000"},"estimated_impact":null,"fence":"The erroneous and corrected NAV-per-share values are SUPPLIED, asserted, and digested into this receipt. This kernel attests the ARITHMETIC of the error comparison against a DECLARED materiality policy — never an accounting opinion, never a determination that a fund must reprocess, never advice. It computes what the declared policy implies.","fund_id":"FUND-A","industry_convention":{"absolute_breach":false,"absolute_threshold":"0.005","material":false,"percent_breach":false,"percent_threshold":"1"},"materiality_verdict":"IMMATERIAL","not_proven":[{"detail":"This kernel computes what the DECLARED materiality policy implies over the supplied error figures. It is never an accounting opinion, never a legal or regulatory determination of materiality.","item":"Accounting opinion"},{"detail":"A material-verdict flag indicates a reprocessing REVIEW is warranted per the declared policy. The decision to reprocess, and how, rests with the fund’s accounting/compliance function, never this kernel.","item":"Reprocessing decision authority"},{"detail":"The erroneous and corrected NAV-per-share values are caller-supplied and asserted, not independently recomputed or verified here (see recompute_fund_nav, art-373, for that arithmetic).","item":"NAV accuracy of underlying inputs"},{"detail":"The half-cent and 1% figures are common industry conventions, not a codified SEC/40-Act materiality rule. This kernel makes no compliance claim under either framework.","item":"Regulatory materiality standard"}],"regulatory_framework":"Industry half-cent / 1% NAV-error materiality conventions referenced as informative context only; this kernel makes no compliance claim under any specific regulatory framework.","reprocessing_need_indicated":false,"shares_outstanding":null,"structural_error":null,"valuation_date":"2026-07-18"}}}
}