When drafting financial statements, provide your understanding of what the term materiality means and its importance.
Include an understanding of the changes made in 2018 by the Financial Accounting Standards Board that make the term consistent with the U. S. Supreme Court interpretation.
Be sure to consider and provide an assessment of both the quantitative and qualitative dimensions and include examples.

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Materiality in the context of financial statements refers to the significance or relevance of inform... View the full answer