Material information is a core aspect of a firm's governance and reporting activities. If corporate information is material, then the firm has a responsibility to disclose it. Currently, firms must judge information as material largely based on a confusing set of standard setters’ definitions. I analyze the particular conditions laid out by each standard setter and explain the ethical implications that result from materiality judgments made by firms using these varied standards. Importantly, this analysis underscores that regulators, firms, and researchers alike must consider the impact of these implications on the fiduciary duty and promise-keeping that firms make as well as the potential for unfairness and financial harm to others’ welfare that could result.

中文翻译：

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标准制定者如何定义重要性及其重要性？

重要信息是公司治理和报告活动的核心方面。如果公司信息是重要的，那么公司有责任披露它。目前，公司必须在很大程度上根据一组令人困惑的标准制定者的定义来判断信息是否重要。我分析了每个标准制定者制定的特定条件，并解释了使用这些不同标准的公司做出的重要性判断所产生的道德影响。重要的是，该分析强调监管者、公司和研究人员都必须考虑这些影响对公司所承担的受托责任和信守承诺的影响，以及可能导致的不公平和对他人福利的财务损害的可能性。