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Lecture Intermediate accounting (15th edition): Chapter 24 - Kieso, Weygandt, Warfield

Chapter 24 - Full disclosure in financial reporting. After studying this chapter, you should be able to: Review the full disclosure principle and describe implementation problems; Explain the use of notes in financial statement preparation; Discuss the disclosure requirements for related-party transactions, subsequent events, and major business segments. | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting Prepared by Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING F I F T E E N T H E D I T I O N Prepared by Coby Harmon University of California, Santa Barbara Westmont College kieso weygandt warfield team for success PREVIEW OF CHAPTER Intermediate Accounting 15th Edition Kieso Weygandt Warfield 24 Identify the major disclosures in the auditor’s report. Understand management’s responsibilities for financials. Identify issues related to financial forecasts and projections. Describe the profession’s response to fraudulent financial reporting. After studying this chapter, you should be able to: LEARNING OBJECTIVES Review the full disclosure principle and describe implementation problems. Explain the use of notes in financial statement preparation. Discuss the disclosure requirements for related-party transactions, post-balance-sheet events, and major business segments. Describe the accounting problems associated with interim reporting. Full Disclosure in Financial Reporting 24 Full disclosure principle calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader. Financial disasters at Microstrategy, PharMor, WorldCom, and Lehman highlight the difficulty of implementing the full disclosure principle. Full Disclosure Principle LO 1 Illustration 24-1 Types of Financial Information LO 1 Full Disclosure Principle Increase in Reporting Requirements Reasons: Complexity of business environment. Necessity for timely information. Accounting as a control and monitoring device. LO 1 Full Disclosure Principle Differential Disclosure “Big GAAP versus Little GAAP”. FASB has traditionally taken the position that there should be one set of GAAP. FASB is working with an advisory committee to explore ways that its standards can be more cost-effective for all companies, . | Prepared by Coby Harmon University of California, Santa Barbara Intermediate Accounting Intermediate Accounting Prepared by Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING F I F T E E N T H E D I T I O N Prepared by Coby Harmon University of California, Santa Barbara Westmont College kieso weygandt warfield team for success PREVIEW OF CHAPTER Intermediate Accounting 15th Edition Kieso Weygandt Warfield 24 Identify the major disclosures in the auditor’s report. Understand management’s responsibilities for financials. Identify issues related to financial forecasts and projections. Describe the profession’s response to fraudulent financial reporting. After studying this chapter, you should be able to: LEARNING OBJECTIVES Review the full disclosure principle and describe implementation problems. Explain the use of notes in financial statement preparation. Discuss the disclosure requirements for related-party transactions, post-balance-sheet .