Purpose of Disclosure in Financial Reports

FN Walton
Mind Map by FN Walton, updated more than 1 year ago
FN Walton
Created by FN Walton over 2 years ago


Corporations 4

Resource summary

Purpose of Disclosure in Financial Reports
1 Changes in Accounting Policy
1.1 Reporting entities are required to include notes with their financial reports. The notes explain changes in accounting policies, such as the application of recognition criteria.
2 Comparability and Understandability
2.1 Compliance with IASB 8 ensures compatibility of reports
2.2 Complex accounting information which is relevant to users’ decision making must be disclosed in the reports
3 Disclosure is the principle that businesses should reveal in their published reports all information needed for users to make informed decisions
4 If in doubt, DISCLOSE
5 If you are not consistent, disclose all facts and effect on income
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Unit 4 The Accounting Cycle
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Chapter One Notes
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Overview of Accounting Theory
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