The full disclosure principle, one of the major accounting principles, requires that financial statements be sufficiently complete and include all significant facts and 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.
Upon successful completion of this course, participants will be able to:
- Recognize the full disclosure principle and its implementation.
- Identify the types of major accounting disclosures.
- Recognize the disclosure requirements for major business segments and related party transactions.
- Recognize disclosure requirements for derivatives, subsequent and interim financial reports.
Table of Contents
Full Disclosures in Financial Reporting
Increase in Reporting Requirements
Security Markets and Financial Disclosure
Changes in Accounting Estimates
Change in Reporting Entities
Disclosure of Accounting Policies
The Appendix shows an example of Accounting Policy disclosures from Whirlpool Corporation.
Disclosure of Contingencies and Commitments
Disclosure of Unconditional Purchase Contract Obligations
Reporting on the Costs of Start-Up Activities
Disclosures for Derivatives
Disclosures for Business Combinations
Interim Financial Reports
Revenue and Expense Recognition
IFRS vs. GAAP about Disclosures
New Formats and New Disclosure
Review Question Answers and Rationales
Appendix- Annual Report References
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