To Be or Not to Be: Issues in Defining Materiality

To Be or Not to Be: Issues in Defining Materiality

Conference Registration

Session Details

Date: Monday, June 30

Time: 2:40 pm - 3:55 pm ET

1.5 CPE credits

Level: intermediate

Field of Study: Accounting (Governmental)

Location: Ballroom B

The application of the materiality concept is important to understand in the preparation of financial statements. This session will discuss the framework of materiality thresholds that audit professionals must use and how various fund types are impacted by materiality.

Attendees will also gain insight into how the Governmental Accounting Standards Board (GASB) incorporates the concept of materiality in making its cost-benefit determination for every pronouncement and the intent behind their disclaimer "the provisions of this Statement need not be applied to immaterial items."

Learning Objectives

  • Describe how various reporting units in a government's financial statements are subject to different materiality thresholds.

  • Discuss the impact of materiality on the auditors' opinion on the financial statements and the effect of immaterial uncorrected misstatements.

  • Identify opportunities to participate in cost-benefit considerations with GASB during project deliberations.

Speakers