To Be or Not to Be: Issues in Defining Materiality

The application of the materiality concept is important to understand in the preparation of financial statements. This session will discuss the framework of materiality thresholds that audit professionals must use and how various fund types are impacted by materiality.

Attendees will also gain insight into how the Governmental Accounting Standards Board (GASB) incorporates the concept of materiality in making its cost-benefit determination for every pronouncement and the intent behind their disclaimer "the provisions of this Statement need not be applied to immaterial items."