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December 1, 2022

definitions

There Apparently Is a Petition Circulating Online to Add Three Words to the Definition of ‘Accountant’

Most of you guys probably use Webster’s Dictionary like I do for all your spelling and word definition needs. But just in case some of you use the Oxford English Dictionary, there’s a crusade underway in the U.K. to change how the word “accountant” is defined. Why? Because Xero U.K. thinks the Oxford English definition […]

FASB Flabbergasted That People Get Worked Up About Materiality’s Definition

I don't quite remember when I first learned about the concept of materiality, but my hunch is that it was in the first accounting class I ever took, which was in high school. That suggests, to me anyway, that the concept of materiality is elementary to accounting. That is, you know a debit from a […]

As If the FASB Wasn’t Boring Enough, They Will Now Be Debating Semantics

Turns out, everyone is befuddled by the definition of "nonpublic entity": The Financial Accounting Standards Board has added a new project to its agenda to re-examine the definition of a “nonpublic entity,” as part of its efforts to reach out more to private company constituents. […] The decision by FASB chair Leslie F. Seidman to add […]