Beruflich Dokumente
Kultur Dokumente
Financial Reporting
Chapter
24-1 Prepared by Coby Harmon, University of California, Santa Barbara
Full Disclosure Principle
Chapter
24-2 LO 1 Review the full disclosure principle and describe implementation problems.
Full Disclosure Principle
Differential Disclosure
Chapter
24-3 LO 1 Review the full disclosure principle and describe implementation problems.
Notes to the Financial Statements
Accounting Policies
Companies should present a statement
identifying the accounting policies adopted
(Summary of Significant Accounting Policies).
Chapter
24-4 LO 2 Explain the use of notes in financial statement preparation.
Notes to the Financial Statements
Common Notes
1. Inventory
2. Property, Plant, and Equipment
3. Creditor Claims
4. Equity Holders’ Claims
5. Contingencies and Commitments
6. Deferred Taxes, Pensions, and Leases
7. Changes in Accounting Principles
Chapter
24-5 LO 2 Explain the use of notes in financial statement preparation.
Disclosure Issues
Related-party transactions
Illegal acts
Chapter
24-6 LO 2 Explain the use of notes in financial statement preparation.
Disclosure Issues
Chapter
24-8 LO 3 Discuss the disclosure requirements for major business segments.
Disclosure Issues
Chapter
24-9 LO 3 Discuss the disclosure requirements for major business segments.
Disclosure Issues
Chapter
24-10 LO 3 Discuss the disclosure requirements for major business segments.
Disclosure Issues
Interim Reports
Cover periods of less than one year.
(6) Seasonality
Chapter
24-12 LO 4 Describe the accounting problems associated with interim reporting.
Auditor’s and Management’s Reports
Auditor’s Report
Standard unqualified opinion – auditor expresses
the opinion that the financial statements are
presented fairly, in all material respects, in
conformity with GAAP.
Other opinions:
Qualified
Adverse
Disclaim
Illustration 24-14
Chapter
24-13 LO 5 Identify the major disclosures in the auditor’s report.
Auditor’s and Management’s Reports
Management’s Report
Chapter
24-14 LO 5 Identify the major disclosures in the auditor’s report.
Auditor’s and Management’s Reports
Chapter
24-15 LO 6 Understand management’s responsibilities for financials.
Current Reporting Issues
Chapter
24-17 LO 8 Describe the profession’s response to fraudulent financial reporting.
Copyright
Copyright © 2007 John Wiley & Sons, Inc. All rights reserved.
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use of these programs or from the use of the information
contained herein.
Chapter
24-18