Course Information

Course No:  140920

Course Name:  Full Disclosure in Financial Reporting

Field of Study:    Accounting

Course Description:  

The full disclosure principle, one of the major accounting principles, requires that information provided in financial statements be sufficiently complete to avoid misleading users of the reports by omitting significant facts of information. The full disclosure principle also refers to revealing information that would be useful in the decision-making processes of informed users. Full disclosure is required for the fair presentation of financial statements. This course discusses the disclosures required of companies, including those related to accounting policies, segmental information, related parties, contingencies, long-term purchase contract obligations, inflation, and derivatives. Sample annual reports addressing this requirement are illustrated.

Learning objectives: After completing this section, you should be able to:

  • Recognize the concepts of using present values that help determine fair value. Identify the appropriate circumstances for using fair values in financial reporting. Recognize common valuation techniques used in determining the fair value of different assets and liabilities. Recognize how the fair value hierarchy prioritizes the inputs used to measure fair value. Identify the expanded disclosure requirements for fair value measurements. Recognize the concepts of using present values that help determine fair value. Identify the appropriate circumstances for using fair values in financial reporting. Recognize common valuation techniques used in determining the fair value of different assets and liabilities. Recognize how the fair value hierarchy prioritizes the inputs used to measure fair value. Identify the expanded disclosure requirements for fair value measurements. Recognize the concepts of using present values that help determine fair value. Identify the appropriate circumstances for using fair values in financial reporting. Recognize common valuation techniques used in determining the fair value of different assets and liabilities. Recognize how the fair value hierarchy prioritizes the inputs used to measure fair value. Identify the expanded disclosure requirements for fair value measurements. Recognize the concepts of using present values that help determine fair value. Identify the appropriate circumstances for using fair values in financial reporting. Recognize common valuation techniques used in determining the fair value of different assets and liabilities. Recognize how the fair value hierarchy prioritizes the inputs used to measure fair value. Identify the expanded disclosure requirements for fair value measurements.
  • Identify the types of major accounting disclosures.
  • Recognize the disclosure requirements for major business segments and related party transactions.
  • Recognize disclosure requirements for derivatives, subsequent and interim financial reports.

Course Material: Online Material

Program level: Basic to Intermediate

Prerequisites: Basic Accounting

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   2.5

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.