ALL ABOUT ACCOUNTING :- 11th BLOG

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A              *****ACCOUNTING*****

Hi freinds 🙏.,
           Today's discuss 6th accounting principles...

 So let's discuss...

  ★ FULL DISCLOSURE :- 
The full disclosure concept is an accounting principle that requires management to report all relevant information about the company's operations to creditors and investors in the financial statements and footnotes.

  * Importance of full disclosure in accounting :-
An accounting policy disclosure helps to prevent loss. It also helps in preventing the misuse of assets. Potential investors can study open accounting policies to decide if they will invest in the business or not.

  * Purpose of full disclosure in accounting :- 
The purpose of disclosure is to make available evidence which either support or undermines the respective parties' cases.

  * Full disclosure requirement :- 
Rules that must be abided by in disclosure statements provided to clients or customers. These requirements may include the type of verbiage that must be included in the disclosure statement, how the document should be formatted, and how often the document should be updated.

  * Definition of a disclosure statement :- 
A disclosure statement is an official document that outlines the terms, conditions, risks and rules of a financial transaction, such as a loan or an investment.

  * Types of disclosure :-
Types of disclosures include, accounting changes, accounting errors, asset retirement, insurance contract modifications, and noteworthy events.

  * How to Write a Disclosure Statement ? 
1. Do not exclude any information. Be honest.
2. Write clearly. Use simple words in writing your income statement for disclosure.
3. Attach necessary documents to your disclosure statement.
4. Review and revise.

* Difference between disclaimer and disclosure :- 
Not, as some may say too quickly, a DISCLAIMER. A disclosure provides a reader all necessary and relevant information regarding a purchase or promotion so they can make a well-informed decision. ... A disclaimer is a statement to limit your liability; that denies something, especially responsibility.

  * Example of the full disclosure principle

 The ordinarily is likely to win the lawsuit in the following year. Under the full disclosure principle, Company X should disclose the anticipated losses from the lawsuit in the footnotes of their financial statement, even though the loss has not been confirmed or finalised yet.



★Remaining 7 principles discuss in 12th blog..★
                                   
                                  ★So wait my 12th blog.....★
__________________________

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