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Full Disclosure: Concepts and Practices Chapter 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 Global Crossing highlight the difficulty of implementing the full disclosure principle. Copyright Chapter 24-* Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa Barbara Accounting policies Common notes Full Disclosure Principle Notes to Financial Statements Disclosure Issues Auditor’s and Management’s Report Current Reporting Issues Increase in reporting requirements Differential disclosure Special transactions or events Post-balance-sheet events Diversified companies Interim reports Auditor’s report Management’s reports Reporting on forecasts and projections Internet financial reporting Fraudulent financial reporting Criteria for accounting and reporting choices Full Disclosure in Financial Reporting LO 1 Review the full disclosure principle and describe implementation problems. Full Disclosure Principle Examples Accounting Policies Contingencies Inventory Methods Shares Outstanding Alternative Measures Financial Statements Notes to Financial Statements Supplementary Information Other Means of Financial Reporting Other Information Balance sheet Statement of Income Statement of Cash Flows Statement of Changes in Stockholders’ Equity Examples: Changing Prices Disclosures Oil and Gas Reserves Information Examples: Management Discussion and Analysis Letters to Stockholders Examples: Competition and Order Backlog in SEC Forms Analysts reports Economic Statistics Articles LO 1 Review the full disclosure principle and describe implementation problems. Full Disclosure Principle Basic Financial Statements Affected by Existing FASB Standards Financial Reporting All Information Useful for Investment, Credit, and Similar Decisions Illustration 24