ACC 421 Week 4 Full Disclosure Paper

May 8th, 2015
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ACC 421 Week 4 Full Disclosure Paper

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Full DisclosureNameDateAcc 421Instructor NameAccording to the textbook, "the full disclosure principle calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader" (Kieso, Weygandt, & Warfield, 2007, p. 1282). The full disclosure principle is difficult at times to enforce because of the cost. "The cost can be substantial and the benefits difficult to assess. Disclosure requirements have increased because of the growing complexity of the business environment, the need for timely information, and the use of accounting as a control and monitoring device" (Kieso, Weygandt, & Warfield, 2007, p. 1314). There are times when the benefits will be easily determined, but the cost will be uncertain. There are also times when the cost is easy to determine and the benefits are uncertain. Individuals who use financial statements for a company know that full disclosures are important. The information on the full disclosure should be exact and not misleading. If any of the financial information is incorrect, the economy will be affected; billions of dollars will be lost by corporations and investors. Also losing th

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