Defining a Material Issue
You see the sentence all the time: “The provisions of this Codification need not be applied to immaterial items.” Those 12 simple words, while universally understood to mean “don’t include unimportant things in financial statements,” are still relatively unclear. In fact, applying the concept of materiality to accounting has gotten ...
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
Article
SEC Committee Ups Ante in Fight Against FASB Materiality Changes
Members of the SEC’s Investor Advisory Committee are ramping up their fight with FASB over proposals that redefine its approach to materiality in financial statements. The plan is “fraught with the risk that disclosures that are unfavorable to the issuer are disproportionately viewed as immaterial and as a result excluded ...
-
News BriefStates require companies to report greenhouse gas emissions as federal regulators step back
Some companies doing business in California and New York may soon be required to report the greenhouse gas emissions (GHG) of their operations to state authorities, even as the federal rule for disclosing such emissions is on life support.
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.