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FASB reprises materiality language, edits disclosures

Tammy Whitehouse | August 29, 2018

GAAP now contains a shorter list of disclosure requirements for fair-value measurements and defined benefit plans, along with a reprised definition of materiality.

The Financial Accounting Standards Board finalized four new documents that begin to deliver on its promise to comprehensively reconsider all disclosures required under Generally Accepted Accounting Principles. Two documents revise Concept Statement No. 8, which is part of a rulebook the FASB follows as it sets accounting standards. Two more documents revise the disclosure requirements around fair-value measurements and defined benefit plans, removing several disclosures but also adding a few new ones and clarifying a few more.

The FASB added a chapter to its concept statements regarding notes to financial statements that are...

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