Question: In setting materiality guidelines for current assets, the two standard setters, FASB and the AICPA, provide the following guidelines to practitioners (Points : 3) Both

In setting materiality guidelines for current assets, the two standard setters, FASB and the AICPA, provide the following guidelines to practitioners (Points : 3)

Both agree that materiality should be set at an amount greater than 10% of current assets. FASB's guideline is greater than 10%, but the AICPA's is greater than 5%. Both agree that it should be greater than 5%. No specific materiality guidelines are provided by either of them.

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