When drafting financial statements, provide your understanding of what the term materiality means and its importance. Include an understanding of the changes made in 2018 by the Financial Accounting Standards Board that makes the term consistent with the U. S. Supreme Court interpretation. Be sure to consider and provide an assessment of both the quantitative and qualitative dimensions and include examples.

When drafting financial statements, provide your understanding of what the term materiality means and its importance. Include an understanding of the changes made in 2018 by the Financial Accounting Standards Board that makes the term consistent with the U. S. Supreme Court interpretation. Be sure to consider and provide an assessment of both the quantitative and qualitative dimensions and include examples.

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When drafting financial statements, provide your understanding of what the term materiality means and its importance. Include an understanding of the changes made in 2018 by the Financial Accounting Standards Board that makes the term consistent with the U. S. Supreme Court interpretation. Be sure to consider and provide an assessment of both the quantitative and qualitative dimensions and include examples.

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Step 1: Introducing Financial Accounting Standard Board:

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Step 2: Explaining the Meaning and Importance of Materiality in preparing financial statements.

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Step 3: Explaining the changes made in 2018 by the Financial Accounting Standards Board for 'Materiality':

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Step 4: Assessing Quantitative and Qualitative dimension of Materiality with examples:

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