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FASB Updates Materiality Guidance

The Financial Accounting Standards Board ("FASB") recently issued both a proposed Accounting Standards Update ("ASU") and a proposed concepts statement that address the issue of materiality in financial reporting. These proposals are part of FASB's disclosure framework project, a systematic effort to create a framework for financial statement disclosures to make them more effective. FASB's latest proposals clarify the definition of materiality and move it from the accounting realm into the legal one. More >

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