Editing Financial Accounting Standards Board (section)

=== Materiality ===
The FASB issued a proposal regarding "the use of materiality by reporting entities" in an amendment of the definition of the legal concept of [[Materiality (auditing)|materiality]] in 2015, stating that "information would be considered material if it was likely to be seen by a reasonable person as significantly altering the total mix of facts about a company." This amendment raised concerns by auditors who believed leaving materiality as a legal concept would undermine judgments made by preparers and auditors to an attorney.<ref name="Morgenson">{{cite news|last1=Morgenson|first1=Gretchen|title=FASB Proposes to Curb What Companies Must Disclose|url=https://www.nytimes.com/2016/01/03/business/fasb-proposes-to-curb-what-companies-must-disclose.html|access-date=26 April 2018|work=The New York Times|date=2 January 2016}}</ref>