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Industry: Email Alert RSS FeedWhat is All the Fuss About Materiality?
Ohio CPA Journal, The, October, 2000 by Eilifsen, Aasmund; McKee, Thomas E.
Accountants and auditors have been making materiality decisions for at least 150 years. The nature and structure of materiality decisions should be well understood at this point in time. Yet, within the last few years the following three major groups have made detailed comments on the subject:
1. Financial Accounting Standards Board--FASB Special Reports: The Framework of Financial Accounting Concepts and Standards [January, 1998]
2. Big Five Audit Materiality Task Force--Status Report and Initial Recommendations [August, 1998]
3. US. Securities and Exchange Commission-SEC Staff Accounting Bulletin: No. 99-Materiality [August, 1999]
What is happening? Why all the fuss about materiality? Many accountants and auditors are puzzled...
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