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As an accountant of a public company (one with stocks, etc), if you obtain information that could affect the value of the stocks (etc.) you may not disclose this information to any third party.
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What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
What accounting principle does the US use?
The current principle is the FASB (Financial Accounting Standards Board). This standard is the current adopted standard to the USA.
What are theAdvantages of accounting information disclosure?
what are the advantages of accounting information disclosure?
What is meant by consistency when discussing financial accounting information?
Basic accounting concept that once an accounting method is adopted, it should be followed consistently from one accounting period to the next. If, for any reason, the accounting method is changed, a full disclosure of the change and an explanation of its effects on the items of the financial statements must be given in the accompanying notes (footnotes). One of the duties of an auditor is to make sure the consistency principle is being followed because, otherwise, any change might make interpretation of the financial data a futile exercise. Also called consistency concept. See also accounting concepts.
What is involved in consolidation accounting?
The principle involved in consolidation accounting is that companies consolidate their financial statements that factor the holding company's subsidiaries into its aggregated accounting figure.
Does the full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory?
The full disclosure principle requires that the notes to the financial statements report a change in accounting method for inventory.
The accounting principle that requires financial statements to report all relevant information about the operations and financial condition of a company is called?
Full Disclosure Principle
What has the author David F Hawkins written?
David F. Hawkins has written: 'Accounting for leases' -- subject(s): Accounting, Leases 'Corporate financial disclosure, 1900-1933' -- subject(s): History, Law and legislation, United States, Financial statements, Disclosure of information, Corporations, Accounting 'Corporate financial reporting and analysis' -- subject(s): Corporation reports, Corporations, Accounting, Financial statements
What type of accounting disclosure is required if the concept of consistency is not applied in the analysis of financial statement?
check your answer
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
What accounting principle does the US use?
The current principle is the FASB (Financial Accounting Standards Board). This standard is the current adopted standard to the USA.
What are theAdvantages of accounting information disclosure?
what are the advantages of accounting information disclosure?
Financial information does not demonstrate consistency when?
A company changes accounting principle.
Is the adequate disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition?
yes, yes it is
What company restated their financial statement due to an accounting principle change?
apple
What is meant by consistency when discussing financial accounting information?
Basic accounting concept that once an accounting method is adopted, it should be followed consistently from one accounting period to the next. If, for any reason, the accounting method is changed, a full disclosure of the change and an explanation of its effects on the items of the financial statements must be given in the accompanying notes (footnotes). One of the duties of an auditor is to make sure the consistency principle is being followed because, otherwise, any change might make interpretation of the financial data a futile exercise. Also called consistency concept. See also accounting concepts.
What is involved in consolidation accounting?
The principle involved in consolidation accounting is that companies consolidate their financial statements that factor the holding company's subsidiaries into its aggregated accounting figure.
