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Roles and Responsibilities of Management - page 10 / 26

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Financial Reporting Challenges

Off Balance Sheet Arrangements Disclosures.

Amendment adopted in January 2003 by SEC requires a company to provide an explanation of its off balance sheet arrangements in a separately captioned subsection of the MD&A section of disclosure documents filed with the SEC.

Aggregate Contractual Commitments.

Public companies, particularly accelerated filers (market capitalization of more than $75 million), are required to disclose their annual reports filed with the SEC in a table with their aggregate amounts of specified categories of contractual obligations shown on a yearly basis.

Disclosure of Critical Accounting Policies.

Public companies are required to provide the following disclosures for each of the identifiable critical accounting estimates in the MD&A: (1) description, (2) significance, (3) sensitivity analysis, (4) historical changes, (5) communication to audit committee, (6) identification of segments, (7) segment-specific effects.

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