Accounting Principles - Week 4 IND

Accounting Principles - Week 4 IND - Full Disclosure 1 Full...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Full Disclosure 1 Full Disclosure Paper Jennifer Luttrell Acc/421
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Full Disclosure 2 Full Disclosure Paper This report will answer various questions,” What is the need for full disclosure principle in accounting? And why has disclosure increased substantially in the last 10 years? And what happens if material is falsely submitted? Full disclosure is vital in order for all markets to operate properly. Investment companies or any other financially interested party in any company, need to have a complete understanding of all financial records. For example, financial statements are a direct detailed look into a company’s financial background and financial statements will give an insight into what a company will do. “The full disclosure principle calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader” (Kieso & Weygandt, 2007, p. Chp 24). Need for full disclosure The full disclosure principle in accounting states that all information is universal regulations and models that govern the accounting field. These universal regulations are commonly referred as the ethics and course of action that form the basis on which more detailed and more complicated accounting rules are based. For example, the “Financial Accounting Standards Board (FASB), uses the basic accounting principles and guidelines as a basis for their own detailed and comprehensive set of accounting rules and standards” (Accounting Coach, 2004).
Background image of page 2
Full Disclosure 3 Full disclosure in a public company When a publicly traded company allocates their financial statements to the open public,
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

Accounting Principles - Week 4 IND - Full Disclosure 1 Full...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online