Exposure Drafts, Comment Letters, and Statements of Position
Files
Download Full Text (3.7 MB)
Description
This proposed statement of position (SOP) would require all reporting entities (including business enterprises, not-for-profit organizations, and state and local governments) that prepare financial statements in conformity with generally accepted accounting principles to include in their financial statements disclosures about: 1. The nature of their operations. 2. Use of estimates in the preparation of financial statements. In addition, if specified disclosure criteria are met, it would require such entities to include in their financial statements disclosures about: 1. Certain significant estimates. 2. Current vulnerability due to concentrations. 3. Financial flexibility. The provisions of this proposed SOP would be effective for financial statements issued for fiscal years ending after December 15,1994, and for financial statements for interim periods in fiscal years subsequent to the year for which the proposed SOP is first applied. Early application is encouraged but not required.
Publication Date
1993
Relational Format
Book
Keywords
Disclosure in accounting; Financial statements; Risk management -- Accounting
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Task Force on Risks and Uncertainties, "Proposed statement of position : Disclosure of certain significant risks and uncertainties and financial flexibility;Disclosure of certain significant risks and uncertainties and financial flexibility; Exposure draft (American Institute of Certified Public Accountants), 1993, Mar. 31" (1993). Exposure Drafts, Comment Letters, and Statements of Position. 579.
https://egrove.olemiss.edu/aicpa_sop/579
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.