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March 2016 » FASB's Proposal to Change the Definition...
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Allan B. Afterman, PhD, CPA
In September 2015, FASB issued two proposed documents that, if adopted, could change the way the concept of materiality is assessed and applied regarding information to be disclosed in the financial statements. The first proposal would amend Chapter 3 of FASB Concepts Statement 8, Conceptual Framework for Financial Reporting, to eliminate inconsistencies between the framework and the legal concept of materiality by including an explicit statement defining materiality as a legal concept that can be established or changed only through legislative, executive, or judicial action. The proposal states that FASB observes—but does not promulgate—definitions of materiality, and also includes a general restatement of the U.S. Supreme Court's current definition of materiality.
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