Proposed APB opinion : Disclosure of accounting policies;Disclosure of accounting policies; Exposure draft (American Institute of Certified Public Accountants), 1971, Dec. 27

Authors

American Institute of Certified Public Accountants. Accounting Principles Board

Files

Description

In recent years, an increasing number of business enterprises are including in their annual reports to shareholders a separate summary of the major accounting policies followed in preparing the financial statements. This disclosure has been favorably received by users of financial statements and endorsed by organizations representing corporate business. Practice by those entities that present summaries of accounting policies has varied considerably. Some entities present the summary of accounting policies as an integral part of the financial statements; others present it as supplementary information. In addition, both the nature and the degree of disclosure vary, and related guidelines are lacking. In view of the increasing recognition of the usefulness of disclosure of accounting policies, the Accounting Principles Board has considered whether this disclosure should be required in financial statements and whether guides should be established for the form and scope of disclosure. This Opinion sets forth the Board's conclusions.

Publication Date

1971

Relational Format

Book

Keywords

Disclosure in accounting

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Recommended Citation

American Institute of Certified Public Accountants. Accounting Principles Board, "Proposed APB opinion : Disclosure of accounting policies;Disclosure of accounting policies; Exposure draft (American Institute of Certified Public Accountants), 1971, Dec. 27" (1971). Exposure Drafts, Comment Letters, and Statements of Position. 344.
https://egrove.olemiss.edu/aicpa_sop/344