September 21, 2020

materiality

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 […]

Some Audit Committee Members Just Ignoring Auditors Now

As you've probably heard by now, the definition of materiality is up for debate. Back in September, the FASB said they'd like to go with the Supreme Court's definition and investor advocates think that's a terrible idea. Businesses claim that disclosure overload is making everything less informative and and some scholarship agrees. The latest in […]

Materiality Appears Reasonable

Ahh, horse racing. The sport of kings, plutocrats and millions gamblers who can't catch a break. The Kentucky Derby is tomorrow so if you plan to dress to the nines, swill bad bourbon and vomit on your shoes, keep an eye on the accountant favorite, Materiality, who's currently going for 12-1.  On a test basis, he […]

Nobody Seems to Care About Williams Companies’ $497 Million Accounting Error

Bloomberg's Jonathan Weil likes digging through dirty laundry. If you're an auditor, the PCAOB, a TBTF bank or in today's case, a natural gas producer, playing games that just so happen to cross his radar and it insults his intelligence, you can expect JW to open up your ringer of dirty undies for all of […]

Ernst & Young Employee Reminds Everyone Just How Important Workplace Flexibility Is

From somewhere inside 5 Times Square: