Financial statement disclosures put the numbers in context. Image Credit:myphotostop/iStock/Getty Images A company's financial statements are supposed to provide a picture of its financial condition. But without context, the statements are just numbers -- a muddy picture, at best. Detailed disclos...
What financial statements are prepared for a period of time? Expenses are reported on what financial statement(s)? What kind of information can the 4 basic financial statements provide to internal users? What other means are there of communicating accounting information besides financial...
In the financial world, most brokers and others who are responsible for managing the resources of clients are required to file annual disclosure statements. In the United States, this process is often structured to comply with provisions put in place by the National Association of Securities ...
These accounting rules are known as Generally Accepted Accounting Standards (GAAP). The International Accounting Standards Boards (IASB) p What type of accounting disclosure is required if the consistency concept is not applied to financial statements? Briefly discuss the followi...
Financial Instruments: Disclosures 8 Operating Segments 9 Financial Instruments 10 Consolidated Financial Statements 11 Joint Arrangements 12 Disclosure of Interests in Other Entities 13 Fair Value Measurement 14 Regulatory Deferral Accounts 15 Revenue from Contracts with Customers 16 Leases 17 Insurance Contra...
What is an auditor’s responsibility for supplementary information, such as disclosure of pension information, which is outside the basic financial statements but required by the GASB?A. The auditor’s only responsibility for supplementary information is to determine that such information has not been...
Without business disclosure statements, many of us would probably be a lot less capable of understanding where our money is going when we buy a house or a car or open a bank account. I cannot imagine trying to do any sort of business with large sums of money in the times, which really...
Income statements can be tracked quarterly or annually. Included in the income statement are: Primary expenses, including cost of goods sold and general administrative costs Secondary expenses such as debt interest and capital loss Operating revenue ...
These requirements are intended to protect the investing public from deceptive or misleading marketing practices. The company and its leading figures are strictly liable for any inaccuracy in its financial statements, whether intentional or not. Later legislation created theSecurities and Exchange Commission...
Disclosure statements for all of these plans must clearly spell out who contributes to the plan, contribution limits, if contributions are pre- or after-tax, if investments growtax-deferred, and when it is appropriate to begin withdrawals without penalty. ...