Disclosure paper

Full Disclosure Paper Gabriela Jimenez ACC/421 Intermediate Financial report I teacher: Beverly Halfacre Due on 03/17/08 What is the wax apocalypse regulation in accounting? The full disclosure article of belief is a principles from the Generally Accepted report Principles (GAAP) where the amount and kinds of culture reveal should be decided base on trade-off epitome as a large amount of information cost more to prepare and use. randomness disclosed should be teeming to make a judgement while keeping be reasonable. Information is presented in the chief(prenominal) body of pecuniary statements, in the notes or as secondary information The full disclosure principle states that any futurity event that may or ordain occur, and that will generate a material economic come to on the monetary position of the business, should be disclosed to seeming and potential readers of the statements. such(prenominal) disclosures are most fre quently make by footnotes. For example, a hotel should report the building of a brand-new wing, or the future day acquisition of another property. A eating place face up a lawsuit from a customer who was wound by tripping over a frayed cover spring should disclose the contingency of the lawsuit.

Similarly, if accounting practices of the original monetary statements were changed and disagree from those previously reported, the changes should be disclosed. Changes from one period to the succeeding(a) that affect current and future business operations should be reported if possible. Changes of this personality include changes made to the method use to determine wear and tea! r expense or to the method of blood line evaluation; such changes would increase or decrease the appreciate of decision inventory, cost of sales, gross margin, and net income or loss. each(prenominal) changes disclosed should evince the dollar effects such disclosures have on financial statements. Ask investors what kind of financial information they want companies to indite and youll probably hear...If you want to get a full essay, cabaret it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay