I don't know about you but I can't say interpreting the financial statements of most companies is a simple task. The Federal Accounting Standards Board (FASB) would like to make it harder.
FASB wants to change the definition of materiality, which determines what a company must tell investors about its operations and results. Currently, information is deemed material if it can influence decisions made by users of financial statements, a.k.a. current and prospective shareholders or lenders. But, under the FASB proposal, information would be considered material if it was likely to be seen by a reasonable person as significantly altering the total mix of facts about a company.
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