disclosure

Examples of disclosure in the following topics:

• Mechanics of a Disclosure

  • That is where the disclosures on the financial statement come into play.
  • This information must be noted in the disclosure.
  • Other items requiring disclosure are noteworthy events and transactions.
  • Disclosures can span several pages at the end of the financial statements.
  • Summarize why a company would have a disclosure on the financial statement

• Events Triggering Disclosure

  • Events that trigger disclosure should be based on an accountant's assessment of materiality.
  • Another event that can trigger a disclosure is prior period adjustments.
  • Events that trigger disclosure should be based on an accountant's assessment of materiality, especially when facing decisions related to the full disclosure principle.
  • Disclosures will normally include details to materiality decisions in the notes to financial statements.
  • Events that trigger disclosure should be based on materiality and the full disclosure principle

• Full-Disclosure Principle

  • The full disclosure principle states information important enough to influence decisions of an informed user should be disclosed.
  • The full disclosure principle states that information important enough to influence the decisions of an informed user of the financial statements should be disclosed.
  • In judging whether or not to disclose information, it is better to err on the side of too much disclosure rather than too little.
  • Many lawsuits against CPAs and their clients have resulted from inadequate or misleading disclosure of the underlying facts.
  • As an accountant, the full disclosure principle is important because the notes to the financial statements and other financial documents are subject to audit.

• Lobbying Scandals and the Reforms of 2007

  • The Honest Leadership and Open Government Act of 2007 sought to amend and strengthen parts of the Lobbying Disclosure Act of 1995.
  • It strengthens public disclosure requirements concerning lobbying activity and funding, places more restrictions on gifts for members of Congress and their staff, and provides for mandatory disclosure of earmarks in expenditure bills.
  • Requires lobbyist disclosure filings to be filed twice as often, by decreasing the time between filing from semi-annual to quarterly.
  • Requires the Government Accountability Office to audit annually lobbyist compliance with disclosure rules.
  • Requires that members' financial disclosure forms be posted on a searchable, sortable and downloadable website by August 1, 2008.

• Setting Transparency Norms

  • Information disclosure includes choices about what types of information is shared and with whom, the content of what is communicated, and the timing of the release of information.
  • For example, managers who voluntarily share with environmental activists information related to the firm's ecological impact are practicing disclosure.
  • Norms and policies about disclosure focus on criteria such as relevance and appropriateness to determine who should have access to what information.
  • Wage disclosure is one particular area in which companies can practice corporate transparency.
  • In this case, it is unlikely that disclosure will be made a legal requirement in the UK; the hope is that companies would voluntarily accept this higher level of transparency.

• Regulating Congressional Lobbyists

  • Generally, the United States requires systematic disclosure of lobbying in all branches of government, including in Congress.
  • The United States generally requires a systematic disclosure of lobbying, and it may be one of the few countries to have such extensive requirements.
  • Many of the laws and guidelines are specified in the Lobbying Disclosure Act of 1995.
  • There are numerous regulations governing the practice of lobbying, often ones requiring transparency and disclosure.
  • Laws requiring disclosure have been more prevalent in the twentieth century.

• Franchise Agreements

  • Prior to a franchisee signing a contract, the US Federal Trade Commission regulates information disclosures under the authority of The Franchise Rule .The Franchise Rule requires that a franchisee be supplied a Uniform Franchise Offering Circular (UFOC ) or Franchise Disclosure Document (FDD ) prior to signing a franchise agreement, a minimum of ten days before signing a franchise agreement.
  • Uniform Franchise Offering Circular (UFOC) or FDD Franchise Disclosure Document (FDD)

• Defining Corporate Governance

  • Such disclosure requirements exert a significant pressure on listed companies for compliance.
  • Disclosure of material matters concerning the organization should be timely and balanced to ensure that all investors have access to clear, factual information.
  • Building on the work of the OECD, other international organizations, private sector associations, and more than 20 national corporate governance codes formed the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) to produce their Guidance on Good Practices in Corporate Governance Disclosure.
  • This internationally agreed benchmark consists of more than fifty distinct disclosure items across five broad categories:

• Current Issues in Reporting and Disclosure

  • Accountants must stay up to date with current issues in reporting and disclosures related to standards set by regulatory agencies.
  • Accountants must stay up to date with current issues in reporting and disclosures related to standards set by regulatory agencies.
  • Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards 157: Fair Value Measurement, which "defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. " This statement is effective for financial reporting fiscal periods commencing after November 15, 2007 and the interim periods applicable.
  • Accountants must stay up to date with current issues in reporting and disclosure.
  • Give some examples of current issues in reporting and disclosure that an concern an accountant

• Regulating Executive Branch Lobbyists

  • Lobbying the Executive Branch is similar to any other branch of the U.S. government and is regulated by laws pertaining to disclosure.
  • When lobbying did happen, it was often "practiced discreetly" with little or no public disclosure.
  • In many ways, lobbying the Executive Branch is similar to any other branch of the U.S. government and is thereby regulated by laws pertaining to disclosure discussed in Regulation Congressional Lobbyists.