News & Analysis as of

Accounting Standards Materiality

Dorsey & Whitney LLP

Some Serious Strings Attached: Sponsored Research Funding, Adequate Accounting Systems, and False Claims Act Exposure

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The federal government awards billions of dollars each year in sponsored research funding to institutions of higher education, academic research institutions, non-profit organizations, and companies—making federal grants an...more

Mayer Brown Free Writings + Perspectives

The SEC’s Acting Chief Accountant’s Perspective

Assessing Materiality: Focusing on the Reasonable Investor When Evaluating Errors - On March 9, 2022, the Office of the Chief Accountant (“OCA”), released a statement regarding assessing the materiality of financial...more

Carlton Fields

A Forensic Accountant’s Take on Materiality

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In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing standards (GAAS). ...more

Carlton Fields

The Building Blocks of Materiality

Carlton Fields on

Representations and warranties play an important role in M&A agreements by providing valuable disclosures and allocating risks between the parties. Representations regarding the target company’s financial statements are...more

Mayer Brown Free Writings + Perspectives

AICPA Issues Statements on Standards Amending Concept of Materiality

The American Institute of Certified Public Accountants (“AICPA”) Auditing Standards Board issued Statement on Auditing Standards No. 138 and Statement on Standards for Attestation Engagements  No. 20 to amend the concept of...more

Jones Day

Are You Ready for "New GAAP" Revenue Recognition? SEC Disclosure Considerations

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"NEW GAAP" REVENUE RECOGNITION - In 2014, the U.S. Financial Accounting Standards Board ("FASB") issued new revenue standards under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers...more

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