Your aunt recently received the annual report for a company in whichshe has invested. The report notes that the statements have beenprepared in accordance with ‘generally accepted accounting principles.’She has also heard that certain terms have special meanings inaccounting relative to everyday use. She would like you to explain themeaning of terms she has come across related to accounting1050 words.Go to the FASB website and access the FASB Concepts Statements and use the IASB websiteto respond to the following items. (Provide paragraph citations.) Whenyou have accessed the documents, you can use the search tool in yourInternet browser.Explain how ‘materiality’ is defined by both FASB and IASB. Theconcepts statements provide several examples in which specificquantitative materiality guidelines are provided to firms. Identity atleast two of these examples. Do you think the materiality guidelinesshould be quantified? Why or why not?The concepts statementsdiscuss the concept of ‘articulation’ between financial statementelements. Briefly summarize the meaning of this term and how it relatesto an entity’s financial statements.