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Chapter 16 Disclosure

Chapter 16 Disclosure. Define disclosure and describe its role. Answer the four questions about disclosure. Describe the FASB Business Reporting Research Project. Consider disclosure after Enron. Disclosure. Defined Vs. Accounting New Importance. Disclosure Questions. Four questions

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Chapter 16 Disclosure

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  1. Chapter 16 Disclosure • Define disclosure and describe its role. • Answer the four questions about disclosure. • Describe the FASB Business Reporting Research Project. • Consider disclosure after Enron.

  2. Disclosure • Defined • Vs. Accounting • New Importance

  3. Disclosure Questions • Four questions • 1 for whom • 2 why • 3 how much • 4 When

  4. Disclosure Levels • General Levels • adequate • fair • full • SEC levels • 1 protective • 2 informative • 3 varying • 1 b4; now 2; 3 in future

  5. Disclosure Considerations • Two Considerations: • Cost/benefit ? • Information Overload • Summary Annual Reports • 1983 FEI • 1986 GM • UK

  6. Jenkins Committee • AICPA 1991 • Issue: relevance of financial reporting (fr) • Concerns: changes in business; fr lagging • Approach: literature, users, Harris poll, preparers. • Recommendations: extend model • Concerns

  7. Disclosure Proposals • Wallman Proposal • FASB BRRP (excuse me!)

  8. Evaluations of Disclosure • Chronology • Balance Sheet tilt • Reporting in the 1990s • Broken U.S. Model • Information overload • Large Investors • AIMR Survey

  9. Online Financial Reporting • BRRP Topic • Best practices today

  10. Disclosure Barriers • Barriers • Too costly • Aid competition • Aid unions • Confuse • Other sources • Not know needs

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