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FASB to host roundtables on defining materiality in GAAP

Tammy Whitehouse | February 14, 2017

More than a year after the Financial Accounting Standards Board set off a flash of debate over how to define materiality, the board is hosting roundtable meetings in March to discuss materiality and its decision process around its proposed change to accounting concepts.

FASB issued an exposure draft in the fall of 2015 to revise its conceptual framework for financial reporting. FASB’s concept statements are a kind of user’s guide that the board follows in deciding how to write or revise accounting standards. They form the basis for what accounting rules should require.

With the revised framework, FASB also proposed an amendment to an accounting standard that guides companies on assessing whether disclosures are material. The amendment would replace the existing...

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