The professional associations are issuing many accounting standards related to disclosures, but many corporations disclose more information than required, explain?

The professional associations are issuing many accounting standards related to disclosures, but many corporations disclose more information than required, explain? What are the types of disclosures according to accounting practice?

Expert Solution

Yes , professional associations are issuing many accounting standards related to disclosures, but many corporations disclose more information than required because standards issued by professional associations states only minimum disclosures which a corporations need to disclose during preparation of Financial Statements .

There is no any bar/limit mentioned in the accounting standards on maximum disclosures . So corporations can disclose more informations as they want to provide information to their shareholders , public etc.

Following are the types of disclosures according to accounting practice :

(1) accounting changes

(2) accounting errors

(3) asset retirement

(4) insurance contract modification

(5) noteworthy events.

ekkarill92 answered 2 years ago

The professional associations are issuing many accounting standards related to disclosures, but many corporations disclose more information than required, explain?

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The professional associations are issuing many accounting standards related to disclosures, but many corporations disclose more information than required, explain?

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