March 2013
Intermediate to advanced
1614 pages
65h 18m
English
Content preview from Intermediate Accounting, 15th Edition
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CHAPTER 24 Full Disclosure in Financial Reporting
LEARNING OBJECTIVES
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, post-balance-sheet events, and major business segments.
- Describe the accounting problems associated with interim reporting.
- 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.
High-Quality Financial Reporting—Always in Fashion
Here are excerpts from leading experts regarding the importance of high-quality financial reporting:
Warren E. Buffett, Chairman and Chief Executive Officer, Berkshire Hathaway Inc.:
Financial reporting for Berkshire Hathaway, and for me personally, is the beginning of every decision that we make around here in terms of capital. I'm punching out 10-Ks and 10-Qs every single day. We look at the numbers and try to evaluate the quality of the financial reporting, and then we try to figure out what that means for the bonds and stocks that we're looking at, and thinking of either buying or selling.
Judy Lewent, Executive Vice President and Chief Financial Officer, Merck & Co., Inc.:
Higher standards, when properly implemented, drive excellence. ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.