In CON2 (1980), the FASB outlined the concept of materiality with the following description: the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.
This definition was later refined in CON8 to: Information is material if omitting it or misstating it could influence decisions that users make on the basis of the financial information of a specific reporting entity
Discuss how you think these definitions differ. Provide (and discuss) an example of a case in which one definition might lead to a different conclusion than the other.