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Essay / Research Paper Abstract
This 10-page paper discusses the history of disclosure and financial reporting, especially among domestic and international corporations. Bibliography lists 8 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTmneevolu.rtf
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Unformatted sample text from the term paper:
wrote reporter Laura Jereski in her 1987 article, "Youve come a long way, shareholder. " Or the publicly held Royal Baking Powder Co. goes for 25 years without issuing a
financial statement at all." Needless to say, a company would be attacked quickly today for doing any of that. But before 1934,
before the Securities and Exchange Commission was formed, such sleight-of-hand and sloppy reporting was a fairly regular situation (Jereski, 1987). During the early part of the 20th century, the Federal
Trade Commission, which oversaw companies until the SEC was formed, had no formal disclosure requirements (Jereski, 1987). Even when the SEC was formed, it had sway over full listed companies
-- over-the-counter companies didnt have disclosure requirement rules into the mid-1960s (Jereski, 1987). The New York Stock Exchange didnt either, at least until 1926, when it encouraged companies to issue
reports, at least sometimes (Jereski, 1987). These days, of course, we dont think of companies such as Associated Goods and we get
angry if a corporation messes up on its balance sheet. But its interesting to take a look at financial disclosure, where it is now, and where it once was. Disclosure
and Where It Is Now These days, most CPAs and accountants in the United States follow the U.S. Generally Accepted Accounting Principals,
or GAAP. GAAP is overseen by the Federal Accounting Standards Board (FASB), which issues new methods and rulings to ensure that as much information as possible is disclosed to shareholders.
Sometimes, however, even GAAP doesnt help in the endeavor, however. For example, in 2001, corporate giant Enron was found to have shunted a bunch of its red ink off its
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