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FASAB proposal seeks clearer materiality guidance

by Jeff Drew | Oct 19, 2018   ()

The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.  A proposed Statement of Federal Financial Accounting Concepts (SFFAC) titled Materiality, issued Monday by FASAB, would (1) provide materiality concepts, (2) specify the scope of materiality, and (3) list factors to consider when applying materiality.
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Source: Journal of Accountancy

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