In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing ...

FASB issued two exposure drafts Thursday that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements. Feedback received by FASB ...

Forbes contributors publish independent expert analyses and insights. I am an attorney who writes about ESG policy, laws, and regulations. After two years of drafting and delays, the U.S. Securities ...

Materiality is a term used in accounting and the law, in relation to information disclosed in financial statements that affects decisions made by the people who read them. Deciding whether something ...

The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the ...

Materiality determinations are inherently fact specific. While peer and industry precedent may be instructive, the adopting release emphasizes that “the same incident that affects multiple registrants ...

The definition of a business-critical risk or opportunity is changing, as corporate leaders grapple with a flow of disruptions - geopolitical, economic, supply chain, social, and public health. What ...

This study Investigates how manager and auditor incentives, along with audit committee characteristics, are associated with materiality judgments about detected misstatements. Using data on detected ...