Final answer:
The statement is false; the FASB does not set a specific materiality threshold for all companies, as materiality is subjective and dependent on individual company context.
Step-by-step explanation:
The statement that there is a standard threshold for materiality set by the Financial Accounting Standards Board (FASB) for all companies is false. Materiality is a concept that depends on the size and specific context of a company. The FASB provides general guidance on how to consider materiality in the preparation of financial statements, but it does not set a quantitative threshold applicable to all companies. Instead, what is considered material for one company may not be for another, and it is up to the company's management and auditors to determine the appropriate threshold for materiality based on the nature and size of the company and its transactions.