Disclosure

Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete as the three primary financial statements are not included. but a financial report is much more than just those statements. A financial report requires disclosure. The term refers to additional information in a financial report. Reasons, a solid and ethical financial report must contain not only the primary financial statements but also disclosure.

General Director of a company (usually, the CEO of a listed company) has the primary responsibility to ensure that the annual accounts have been prepared in accordance with the generally accepted accounting principles (GAAP) and the financial report providing sufficient information. He or she works with the Chief Financial Officer or controller for the company to ensure that it meets the standard economic report on adequate information.

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Some common methods for disclosure of, inter alia:

--Footnotes containing information about the most important figures. Almost all financial statements, footnotes that provides additional information about some of account balances in the financial statements.

--Additional financial systems and tables that provide more information than can be included in the body of the financial statements.

--Other information may be required if the company is a limited company under federal regulations relating to the financial reporting process to its shareholders. Other information is voluntary and is not absolutely necessary in law or in accordance with GAAP.

Certain disclosures required are different boards and agencies. These include:

-Financial Accounting Standards Board (FASB) has many standards designated. Her dictate the disclosure of the effects of the stock options is such a standard.

--Securities and Exchange Commission (SEC) mandates disclosure of a wealth of information for listed companies.

--International company has to abide by the by the IASB standards for disclosure.

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