The materiality concept is a financial statement disclosure guideline used by most businesses to help determine when a particular account balance or economic event should be separately disclosed in a firm’s financial statements. Unfortunately, there are no generally accepted guidelines for determining when an amount is material. Assume that you are the chief operating officer of a company generating \($100\) million in revenue, \($10\) million in net income, and \($150\) million in total assets. Discuss the materiality standard that you believe would be appropriate for such a business. Be prepared to justify your decision.