Even a small business makes transactions that are too trivial to bother accounting for. If the debit side of your trial balance is $5 more than the credit side, you might determine that this ...

Several columns back, we wrote about a recent report from the CFA Institute called A Comprehensive Business Reporting Model: Financial Reporting for Investors. This monograph is the long-awaited ...

Sustainable investors and sustainability-oriented issuers face an asset class data gap. Sustainability standards setters have designed frameworks for public equities because to date, most ESG data and ...

THE SARBANES-OXLEY REQUIREMENT FOR COMPANIES to develop key control processes has brought new attention to the well-known concept of materiality. CPAs need to be able to identify key control ...

FASB issued two exposure drafts Thursday that address the use of materiality—an attempt to help organizations eliminate unnecessary disclosures in financial statements. Feedback received by FASB ...

As we prepare for the replacement of SAS 70 by SSAE 16, articles and vendor whitepapers are flooding the landscape. Processing Content These documents typically provide only cursory descriptions of ...

It can be defined and rationalised in numerous ways, but the following encompasses the essence of the concept: Materiality is a concept or convention within auditing and accounting relating to the ...

The definition of a business-critical risk or opportunity is changing, as corporate leaders grapple with a flow of disruptions - geopolitical, economic, supply chain, social, and public health. What ...

The International Public Sector Accounting Standards Board (IPSASB) has published the IPSAS Exposure Draft (ED) 93 for public comment. This draft aims to align the definition of materiality across ...

The Armed Services Board of Contract Appeals (ASBCA or the Board) recently released a decision addressing the final issue of materiality in the long saga of the Raytheon accounting change case. ASBCA ...