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"Material" defined in FASB, GAAP, etc.?

Thanks in advance for any help.

Is material/materiallity specifically defined in FASB, GAPP or another source?

This is in relation to a material breach of a contract providing services.

Thanks.

Reply to
Jelso
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Do you mean a contract dispute between an accounting firm and their client?

Reply to
Steve

----No, actually between a manufacturer and an end customer. I am wondering how material is defined. Is it a % of total contract value? Just wondering where it is actually defined so I can look it up. Thanks.

Reply to
Jelso

Materiality is recognized in accounting but it deals with items of revenue and expenses and how they relate to a company's audited financial statements. It is not oriented towards a particular contract or sale or anything like that.

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Reply to
Steve

There's no numbers defined.

Reply to
Peter Saxton

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