[W]ith a new proposal, the Financial Accounting Standards Board has lobbed a miniature Molotov cocktail into the usually staid world of audit standards, upsetting investor groups and experts in the field.
The proposal would effectively change the definition of materiality, a mainstay of corporate financial disclosure that determines what a company must tell investors about its operations and results.
Parse the following, which is near-oxymoronic in its absurdity:
In materials describing how its proposal came about, FASB suggested that it was intended to improve the effectiveness of financial statements by reducing the amount of immaterial information in them.
For more information: FASB