Accounting For Dummies by John A. Tracy & Tage C. Tracy

Author:John A. Tracy & Tage C. Tracy [Tracy, John A. & Tracy, Tage C.]
Language: eng
Format: epub
ISBN: 9781119837541
Publisher: Wiley
Published: 2021-12-16T00:00:00+00:00

Carefully review the disclosures to be made in the financial report.

The top managers and financial officers of the business should make sure that the disclosures — all information other than the financial statements — are adequate according to financial reporting standards and that all the disclosure elements are truthful but not unnecessarily damaging to the business. Ideally, the disclosures should be written in clear language. We mention this because many disclosures seem purposely difficult to read (excuse us for getting on the soapbox here).

This disclosure review can be compared with the concept of due diligence, which is done to make certain that all relevant information is collected, that the information is accurate and reliable, and that all relevant requirements and regulations are being complied with. This step is especially important for public corporations whose securities (stock shares and debt instruments) are traded on securities exchanges. Public businesses fall under the jurisdiction of federal securities laws, which require technical and detailed filings with the SEC.

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