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FASAB issues proposal on materiality

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Oct 16, 2018

The Federal Accounting Standards Advisory Board (FASAB) has issued a proposed Statement of Federal Financial Accounting Concepts (SFFAC), “Materiality.”

The proposed SFFAC would clarify “concepts regarding the application of materiality in the federal financial reporting environment.” Specifically, the proposal would “(1) provide materiality concepts, (2) specify the scope of materiality, and (3) list factors to consider when applying materiality.”

Comments on the proposed SFFAC are due by January 23, 2019. For more information, see the press release and proposed SFFAC on the FASAB’s Web site.

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