Question

m l Uuugel yuui ule wisely so that you have sufficient time to answer the questi Exam Rules You may take the exam outside of the classroom in a quiet environment with a wired internet connection. You may use your notes, textbook and a calculator while completing the exam. Complete the exam individually. While taking the exam, you may not communicate or get assistance from anyone else. Question 4 Fill in the blank in the following sentence to make a correct statement. The Financial Accounting Standards Board (FASB) defines materiality as specific to each entity. each industry each economy.

Answer 1

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Answer:

Each entity

The guidance on materiality under existing U.S. GAAP also matches the International Accounting Standards Board's definition. Under this definition, materiality is "an entity-specific aspect of relevance based on the nature or magnitude (or both) of the items to which the information relates in the context of an individual entity's financial report."