If the FASB's proposed definition of materiality as a legal concept is adopted the most likely outcome is
- It will have little impact on the number of items classified as material
2. It will lower the threshold for recognizing event and transactions as material
3. It will raise the threshold for recognizing event and transactions as material
4. Its impact cannot be determined
This question was answered on: Dec 08, 2020
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Dec 08, 2020EXPERT
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