FASB Proposes Aligning Guidance on Materiality
Image: FASB has issued two new exposure drafts—one to help firms use discretion when deciding which footnote disclosures should be considered material; the other to clarify the concept of materiality for standard-setting purposes. The proposals are intended to help organizations improve the effectiveness of their disclosures by steering them away ...
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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 ...
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FASB Ideas on Materiality Reform Draw Heat, Questions
Image: An effort to align the accounting world’s definition of materiality with how the idea is widely understood in legal circles is sparking a fierce debate in corporate accounting circles, with potentially big consequences for financial reporting. “More information or more disclosure is better than less, in general,” said Damon ...
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News BriefCommunication and relationships is increasingly critical for compliance teams
Compliance is increasingly in the spotlight as companies are tackling everything from artificial intelligence and other new technologies to risk management and mitigation. But it’s soft skills of communication and relationship building that are becoming the most critical tools for success.