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If the FASB's Proposed Definition of Materiality as a Legal

Question 32

Multiple Choice

If the FASB's proposed definition of materiality as a legal concept is adopted the most likely outcome is


A) It will have little impact on the number of items classified as material
B) It will lower the threshold for recognizing event and transactions as material
C) It will raise the threshold for recognizing event and transactions as material
D) Its impact cannot be determined

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