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The proposed Statement would supersede SAS No. 1, section 430 "Adequacy of Informative Disclosure." The proposed Statement does not modify the basic concepts of section 430. However, section 430 is being replaced to eliminate guidance that is no longer applicable and to achieve consistency with subsequent authoritative pronouncements, such as SAS Nos. 12 and 17 and FASB Statement No. 5. Also, the proposed Statement provides additional guidance on the meaning of "practicable" in the disclosure context.
Disclosure in accounting; Financial statements -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Adequacy of disclosure in financial statements;Adequacy of disclosure in financial statements" (1980). Statements of Position. 417.