What really matters- or at least what is really material
When Horton the elephant hears a Who, he has a hard time persuading his elephant friends of its existence. The question posed in Dr Seuss' children's books is: If you can't see a Who, and it doesn't have any noticeable effect, is it material?
Accountants and auditors, like those elephants, have always enjoyed the convenience of ignoring certain things if they're small enough. Problem is, Horton cares about Whos, and many investors may care about those small financial items.
SEC chairman
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