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NCJRS Abstract

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NCJ Number: 66102 Find in a Library
Title: FINANCIAL STATEMENT DISCLOSURES - HOW TO HANDLE SOME OF THE PROBLEM AREAS
Journal: PRACTICAL ACCOUNTANT  Volume:12  Dated:(MARCH 1979)  Pages:57-65
Author(s): R B ROGOW
Corporate Author: Institute for Continuing Professional Development, Inc
United States of America
Date Published: 1979
Page Count: 9
Sponsoring Agency: Institute for Continuing Professional Development, Inc
New York, NY 10022
Format: Article
Language: English
Country: United States of America
Annotation: UNAUDITED STATEMENTS, DEVELOPMENT-STAGE ENTERPRISES, ACCOUNTING POLICIES, ACCOUNTING CHANGES, AND SUBSEQUENT CHANGES ARE EXPLORED AS ACUTE PROBLEM AREAS IN DEVELOPING FINANCIAL DISCLOSURE STATEMENTS.
Abstract: THIS ARTICLE IS INTENDED TO AID THE PRACTITIONER IN IDENTIFYING CERTAIN SITUATIONS WHERE DISCLOSURE IS REQUIRED AND PROVIDE A GUIDE ON HOW CERTAIN DISCLOSURES CAN BE MADE TO COMPLY WITH PROFESSIONAL STANDARDS. BECAUSE OF THE WIDE VARIETY OF ACCOUNTING PRACTICES FOR ENTERPRISES IN THE DEVELOPMENTAL STAGE, THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) IS ADVISED TO HAVE SET STANDARDS AND GUIDELINES TO MAKE THESE PRACTICES MORE UNIFORM. THE BASIC DISCLOSURE RULES FOR DEVELOPMENT-STAGE ENTERPRISES AND GENERAL DISCLOSURES THAT MUST BE MADE BY THESE ENTERPRISES ARE INDICATED. GUIDELINES FOR THE REPORTING OF ACCOUNTING POLICIES USED IN THE FINANCIAL STATEMENTS DISCLOSED ARE ALSO PROVIDED. THE HANDLING OF ACCOUNTING CHANGES IN THE CONTEXT OF A FINANCIAL DISCLOSURE STATEMENT IS DISCUSSED FOR CHANGE IN ACCOUNTING PRINCIPLE, CHANGE IN ACCOUNTING ESTIMATE, A CHANGE IN ENTITY, AND CORRECTION OF AN ERROR. PROCEDURES FOR DEALING WITH EVENTS OR TRANSACTIONS THAT OCCUR AFTER THE BALANCE SHEET DATE BUT BEFORE THE ISSUANCE OF THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT ARE ALSO TREATED. (RCB)
Index Term(s): Financial management; Fraud
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