Some background discussion from AICPA can be found here: How should materiality be applied? FASB weights in.
I have only read a few articles on the exposure draft and only browsed through the text once. That means I’m not ready to make an extended comment.
For the moment, consider that the entire text of the change to the ASC can be found in these three sentences, which will eventually be found in sections 235-10-50-7 through -9:
Materiality is applied to quantitative and qualitative disclosures individually and in the aggregate in the context of the financial statements taken as a whole; therefore, some, or all, or none of the requirements in a disclosure section may be material.
Materiality is a legal concept.
The omission of immaterial disclosures is not an accounting error.
I will have more comments at a later time.
What do you think?
Update: More background on the exposure drafts.