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Excerpt from CFO -- "In early April, at a roundtable on materiality at the NYU Stern School of Business, the proposal drew fire from the accounting, legal, and investment professions, as well as a more moderate critique from the corporate side. Stanley Siegel, an emeritus professor at NYU Law School, blasted the notion of introducing legal definitions into the U.S. accounting system. 'Materiality has meanings in several different contexts … it doesn’t follow that what’s material for a criminal case is material for accounting,' he contended. 'We’re in a worrisome area when we attempt to apply one standard in another setting.'"

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