Disclosure
Financial statements are the backbone of a complete financial report. In fact, the financial report is not complete if one main financial statement is not included. There is a description from the financial report. Disclosure is necessary for financial reporting. This term refers to additional information provided in the financial report. Therefore, comprehensive and ethical financial reporting must include disclosure as well as major financial statements.
Business chief executive (CEO of the company is usually that are publicly held), the financial statements were prepared in accordance with generally accepted accounting principles (GAAP), he or she financial report is appropriate, Chief Financial Officer or financial In order to confirm that the report meets the criteria for proper disclosure, in collaboration with the business controller
Common methods of disclosure include the following:
- Footnote that provides information on basic numbers. Almost all financial statements require footnotes to provide additional information for some of the account statements in the financial statements.
- Supplemental financial schedule and tables that provide more details than can be included in the body of financial statements.
- Other information may be required if the business is subject to a public corporation in federal regulation on financial reporting to its shareholders. Other information safety management is strictly required according to the accounting standards.
Several disclosures are required by various boards and organizations. These include:
- The Financial Accounting Standards Board (FASB) has designated a number of standards. That dictation about the disclosure of effectiveness of stock options is one such standard.
- The Securities and Exchange Commission (SEC) mandates the disclosure of a wide range of information for publicly held companies.
- International companies must comply with disclosure standards adopted by the International Accounting Standards Council.
What happened with business scandal scandals?
Companies or hidden intentionally, healthy, when you skew the information so that it looks like succeeded to shareholders, it has committed a company or shareholder fraud. Corporate fraud may involve several individuals or more depending on the degree to which employees are informed of their company's financial practices. Corporate board members can disguise financial records as fudge or inappropriate spending. For employees who invested retirement savings in company shares through 401 kilos as well as external investors who purchased shares based on false information, the fraud
Some of the recent scandals of corporate accounting, consume the news media, their retirement, some of them with other investors the thousands of employees who had invested in defraud companies of these accounting scandals The nut and bolt are as follows:
Covering the World Coordinated Accounting Record covers the current cost of operating costs before the shareholders. Before the telecom * company went bankrupt in the month of 2002, a contradiction of nine million dollars was discovered. One of the hidden costs was $ 408 million, which was given to Bernard Ebbers (CEO of WorldCom) in a private personal loan.
In Tyco, shareholders were not notified of $ 170 million in loans taken by Tyco's CEO, CFO, and Chief Legal Officer. Loan, many, after having been written off as profits, was taken free of interest, was not approved by the Compensation Committee of Tyco. Kozlowski (former CEO), Swartz (former CFO), Belnick ( Former Chief Legal Officer) is continuing the investigation by SEC and Tyco - Corporation.
In Enron, a survey on discovering multiple fraudulent acts. It covers billions of dollars of debt covering lending of misuse of passwords and alliance with other companies. It presented incorrect accounting records to investors, and its accounting firm Arthur-Anderson began shredding the document several weeks before the SEC began its investigation. Money laundering, wire fraud, mail fraud, and securities fraud, has faced some of the Enron prosecution directors, only continue to face as the investigation continues
Financial statements are the backbone of a complete financial report. In fact, the financial report is not complete if one main financial statement is not included. There is a description from the financial report. Disclosure is necessary for financial reporting. This term refers to additional information provided in the financial report. Therefore, comprehensive and ethical financial reporting must include disclosure as well as major financial statements.
Business chief executive (CEO of the company is usually that are publicly held), the financial statements were prepared in accordance with generally accepted accounting principles (GAAP), he or she financial report is appropriate, Chief Financial Officer or financial In order to confirm that the report meets the criteria for proper disclosure, in collaboration with the business controller
Common methods of disclosure include the following:
- Footnote that provides information on basic numbers. Almost all financial statements require footnotes to provide additional information for some of the account statements in the financial statements.
- Supplemental financial schedule and tables that provide more details than can be included in the body of financial statements.
- Other information may be required if the business is subject to a public corporation in federal regulation on financial reporting to its shareholders. Other information safety management is strictly required according to the accounting standards.
Several disclosures are required by various boards and organizations. These include:
- The Financial Accounting Standards Board (FASB) has designated a number of standards. That dictation about the disclosure of effectiveness of stock options is one such standard.
- The Securities and Exchange Commission (SEC) mandates the disclosure of a wide range of information for publicly held companies.
- International companies must comply with disclosure standards adopted by the International Accounting Standards Council.
What happened with business scandal scandals?
Companies or hidden intentionally, healthy, when you skew the information so that it looks like succeeded to shareholders, it has committed a company or shareholder fraud. Corporate fraud may involve several individuals or more depending on the degree to which employees are informed of their company's financial practices. Corporate board members can disguise financial records as fudge or inappropriate spending. For employees who invested retirement savings in company shares through 401 kilos as well as external investors who purchased shares based on false information, the fraud
Some of the recent scandals of corporate accounting, consume the news media, their retirement, some of them with other investors the thousands of employees who had invested in defraud companies of these accounting scandals The nut and bolt are as follows:
Covering the World Coordinated Accounting Record covers the current cost of operating costs before the shareholders. Before the telecom * company went bankrupt in the month of 2002, a contradiction of nine million dollars was discovered. One of the hidden costs was $ 408 million, which was given to Bernard Ebbers (CEO of WorldCom) in a private personal loan.
In Tyco, shareholders were not notified of $ 170 million in loans taken by Tyco's CEO, CFO, and Chief Legal Officer. Loan, many, after having been written off as profits, was taken free of interest, was not approved by the Compensation Committee of Tyco. Kozlowski (former CEO), Swartz (former CFO), Belnick ( Former Chief Legal Officer) is continuing the investigation by SEC and Tyco - Corporation.
In Enron, a survey on discovering multiple fraudulent acts. It covers billions of dollars of debt covering lending of misuse of passwords and alliance with other companies. It presented incorrect accounting records to investors, and its accounting firm Arthur-Anderson began shredding the document several weeks before the SEC began its investigation. Money laundering, wire fraud, mail fraud, and securities fraud, has faced some of the Enron prosecution directors, only continue to face as the investigation continues
0 comments:
Post a Comment