Friday Sept 25, 2015
The FASB is set to tackle materiality.
Frankly after what they have done with revenue recognition and leasing, I doubt this is good news.
Do we need more rules?
The proposals are part of the disclosure framework project FASB is undertaking to improve the effectiveness of disclosures in notes to financial statements. The proposals address the use of materiality in two ways: Helping organizations use discretion when determining which disclosures in notes to financial statements should be considered “material,” and Helping FASB understand the reporting environment in which it sets accounting and reporting standards. – See more at: http://www.journalofaccountancy.com/news/2015/sep/fasb-proposal-what-materiality-means-201513079.html#sthash.6nbGjilf.dpuf
Professor Elam 
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