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Full Disclosure Paper
Essay specific features
Written by:
Mary B
Date added:
September 3, 2013
Level:
Grade:
A
No of pages / words:
3 / 833
Was viewed:
9901 times
Rating of current essay:
Essay content:
This paper will also include an explanation of the need for full disclosure in financial reporting as well as identify possible consequences of failing to properly disclose certain items in financial statements.
The full disclosure principle in accounting states, “…any and all information that affects the full understanding of a company's financial statements must be include with the financial statements” (Bookkeeper List, n...
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Some information such as pending lawsuits, losses due to fire or flood and mergers will need to be disclosed in the notes that accompany the financial statements, even though sometimes they may not affect the ledger accounts. However, full disclosure does mean more than the financial statements and the notes that accompany the statements...
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