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- Understanding Materiality
- Materiality is a term used in accounting and the law, in relation to information disclosed in financial statements that affects decisions made by the people who read them.Deciding whether something is a material item involves making a judgment about it, in both quantitative and qualitative terms. Such evaluation is for...
- Articles 2007-11-09
Additional Resources
- SEC Issues SAB on Materiality
- The Securities and Exchange Commission SEC staff has released Staff Accounting Bulletin SAB No. 99, which addresses the application of materiality thresholds to the preparation and audit of financial statements filed with the SEC. The SAB states that it does not create new standards or definitions for materiality, but reaffirms...
- White papers 1999-10-01
- Planning Materiality
- Planning materiality is concerned with whether a misstatement, or an aggregation of misstatements, in a financial statement item or an underlying account balance or class of transaction, is likely to result in a material misstatement in the financial statements as a whole. Auditors use planning materiality to determine which items...
- White papers 2003-01-01
- Materiality and Audit Adjustments
- Perhaps the most authoritative definition of materiality is found in Financial Accounting Concepts Statement 2, Qualitative Characteristics of Accounting Information: "The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the...
- White papers 2002-04-01
- What is All the Fuss About Materiality?
- 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...
- Research articles 2000-10-01
- Materiality and Reportable Conditions
- To form an opinion as to whether control systems provide managers with reasonable assurance that desired business outcomes will be achieved, the auditor has to consider the issue of materiality. Internal Auditor's Role in Management Reporting on Internal Control, a research report published by the Research Foundation of the...
- White papers 2003-01-01
- Planning Materiality in Audits of Nonprofit Organizations
- This article is about the assessment of materiality in planning and completing an audit of a nonprofit organization is inherently difficult. The for-profit world's rules of thumb for materiality thresholds, such as calculating a percentage of net income, do not easily apply to charitable organizations. Instead, auditors apply various percentages...
- White papers 2003-01-01
- SEC Advisor: Materiality and Audit Adjustments
- Perhaps the most authoritative definition of materiality is found in Financial Accounting Concepts Statement 2, Qualitative Characteristics of Accounting Information: "The magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the...
- White papers 2002-04-01
- Measuring stockholder materiality.
- SYNOPSIS: The Securities and Exchange Commission SEC has recently expressed concern that auditors' use of materiality allows misstatements to go uncorrected. Auditors do not require their clients to correct the financial statements for immaterial missta SYNOPSIS: The Securities and Exchange Commission SEC has recently expressed...
- Research articles 2003-01-01
- SEC's Materiality Bulletin to Eliminate "Gimmickry," Say Panelists.
- Look beyond a quantitative number and look at the qualitative factors as well." So said Lynn Turner, the SEC's chief accountant, during an Aug. 20 FEI telediscussion on the SEC's new Staff Accounting Bulletin No. 99 on materiality in financial r Look beyond a quantitative number...
- Research articles 1999-09-01
- Materiality and contingent tax liability reporting.
- I. INTRODUCTION In his speech "The Numbers Game," Securities and Exchange Commission SEC chairman Arthur Levitt (1998) decried the abuse of materiality as a "gimmick" firms use to manage earnings. Subsequently, the SEC (1999) issued Staff Accounting Bulletin SAB No. 99, Materiality. Lynn Turner (2000), SEC chief accountant,...
- Research articles 2002-04-01
- Elements of a Chapel: Procession, Transition, Materiality
- Traditionally, poets, scholars, and clergy have referred to chapels and churches as houses of God, houses of worship, and/or even metaphorically as a cosmic mountain that reaches from heaven to earth allowing spiritual communication and oneness with one's own God. In an effort to reinforce and accentuate these experiences, this...
- White papers 2002-12-05
- SEC on 5% Materiality Rule
- Out of concern that too many companies are omitting important items from financial statements on the grounds that the items are "immaterial," the Securities & Exchange Commission has issued an accounting bulletin telling corporate America to "think again." The bulletin expressly rules out use of a "5%" analysis to determine...
- Research articles 1999-10-01
- Materiality row: umpire rules Patrick out...now it pays the toll.
- Byline: Philip Hopkins Nov 08, 2005 (The Age - ABIX via COMTEX) -- An arbitrator has ruled in favour of Toll Holdings in its dispute with Patrick Corporation. However, according to Patrick, ...
- Research articles 2005-11-08
- VistaPrint F3Q09 (Qtr End 3/31/09) Earnings Call Transcript
- Question-and-Answer SessionOperator And our first question will come from the line of Mr. Mark Mahaney. Please proceed. Mark Mahaney - Citi Investment Research Thank you. I wanted to ask a couple of questions please. Could you talk about the materiality if any of the FedEx deal. Second, could you...
- Earnings calls 2009-04-30
- Intellectual Property.(Books and Reports ...)
- Thomson West (Eagan, MN) has published "Assets & Finance: Audits and Valuation of Intellectual Property, Internal Controls, Materiality and Investment, "a new book that is designed for both legal and non-legal business and finance profe Thomson West (Eagan, MN) has published "Assets & Finance: Audits...
- Research articles 2008-02-01
- How Financial Statements Can Be Erroneously Prepared
- The misuse or misunderstanding of the proper application of materiality can lead to manipulating reported income through "Earnings management" techniques. This type of fraudulent financial reporting receives ample attention in the financial press. This is a subject relevant to the preparation and audit of all financial statements. The appropriate use...
- White papers 2009-01-01
- Clarifying GASB Statement No. 34–A New Audit and Accounting Guide
- State and local governments faced a major change in the way they performed financial reporting when, the Governmental Accounting Standards Board issued GASB Statement No. 34, Basic Financial Statements–and Management's Discussion and Analysis–for State and Local Governments. GASB 34 established new requirements for U.S. state and local governments that prepare...
- White papers 2003-01-01
- Serious Action Requires Serious Thought
- Investors must regain confidence in the public markets and believe that they have the ability and the facts to evaluate their investments fairly. Perhaps all of us in the accounting profession should pay more attention to our basic concepts that lead to credible financial reporting: relevance, reliability, consistency, materiality, going...
- White papers 2002-04-01
- Final Sec Rules On Officer Certification Of Financial Reports And Disclosure Policies Under The Sarbanes-Oxley Act Of 2002
- On August 28, 2002, in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), the Securities and Exchange Commission ("SEC") adopted final rules that require an issuer's principal executive and principal financial officers to certify the contents, including the financial and other information, of the issuer's quarterly...
- White papers 2002-09-18
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