Disclosures are very important to the readers and users of financial statements. The guidance on...
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Disclosures are very important to the readers and users of financial statements. The guidance on contingency disclosure has been under criticism as inadequate. As a result, the members of FASB are re-examining and possibly expanding these disclosures.
Review FAS # 5 and the related updates, codified in ACS 450. The case focuses on environmental issues. Select another area or topic where you believe expanded disclosure would better inform the reader or user. Within the 100 or so words in your post, outline the type of information you would want to see.
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