September 25, 2015 RECENT DEVELOPMENTS / POINT OF INTEREST
Could FASB revisions to the concept of “materiality” (as described in this article) help “unblur” some lines?
AICPA independence rules often reference the FASB literature on key concepts such as control andsignificant influence. Materiality – while used in financial interest, affiliate, business relationship, and other rules – haslong been undefined by standards-setters, with the understanding that CPAs make materiality judgments all the time.
Time will tell whether this will be a help –