Materiality Concept as per FASB
The Financial Accounting Standards Board (FASB) is the body that sets out basic rules for accounting in the United States. In the FASB Conceptual Framework, the materiality of the information is specified in the sense that its omission, misstatement, and/or withholding from users would affect their economic decisions. FASB enacted that financial statements comply fully with its stops, no material misstatements, thus stressing the significance of proper reporting of material information.