Description:
The full disclosure principle, one of major accounting principles, requires that information provided in financial statements be sufficiently complete to avoid misleading users of the reports by omitting significant facts of information. The full disclosure principle also refers to revealing information that would be useful in the decision-making processes of informed users. Full disclosure is required for the fair presentation of financial statements. This course discusses the disclosures required of companies, including those related to accounting policies, segmental information, related parties, contingencies, long-term purchase contract obligations, inflation, and derivatives. Sample annual reports addressing this requirement are illustrated.

Topics Covered:

• Increase in Reporting Requirements
• Major Disclosures
• Disclosure of Accounting Policies
• Segmental Reporting
• Related Parties
• Disclosure of Contingencies and Commitments
• Disclosure of Unconditional Purchase Contract Obligations
• Guarantees
• Development Stage Companies
• Reporting On the Costs of Start-Up Activities
• Inflation Information
• Collaborative Arrangements
• Disclosures for Derivatives
• Disclosures for Business Combinations
• Subsequent Events
• Interim Financial Reports
• IFRS versus GAAP about Disclosures

Category: Accounting and Auditing

Field of Study: Accounting

Delivery Method: Online

Level: Basic to Intermediate

Prerequisites: Basic Accounting

Passing Score : 70%

NASBA: Yes, QAS Self Study

Author: Delta Publishing

ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business