Defining Issues : Proposed Rule on Critical Accounting Policies

Topics:
GAAP
Tags:
Accounting,
Finance,
Financial Services,
Operational Accounting
Source:
KPMG International

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Overview: "The SEC will require disclosures about critical accounting policies, the subject of recommendations in a December cautionary release. The proposed rule would call for disclosures about “critical accounting estimates” and about the initial adoption of accounting policies that have a material effect on a company’s financial statements.1 Both would be presented in a separately captioned section of MD&A. The proposed requirements are more specific, contain a new definition of an accounting estimate, and would mandate disclosures not clearly encompassed by the December document."

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Format: HTML | Size: 30KB | Date: Jun 2002 | Pages: 3

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