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Full Disclosure Paper

737 words - 3 pages

Full Disclosure
Full Disclosure is a principle which calls for the reporting of significant financial facts that influence the decisions made by those reading the information (Kieso, 2007). The principle was adopted in 1933 as a byproduct of the 1929 economic crises, and created the full disclosure system. This system provides users of financial statements with material information, greatly improves the timeliness and quality of the disclosed information, reduces costs of raising capital, supports orderly markets, and discourages fraud in the public market.
With the creation of the full disclosure principle regulations were formed on the technical and non-technical financial data ...view middle of the document...

The forementioned financial crises showed just how severe systematic failure within the economy of the United States can affect the worldwide economy. The implementation of full disclosure is an important aspect in the reporting of financial data.
Law requires that all relevant financial data be disclosed. Along with legal obligations, full disclosure is considered to be an issue of ethics. There are consequences for the violation of both the regulations and the ethical standards, including legal consequences. When the people within a company violate ethical standards, there is a breach of trust with the business supporting community. This can result in the loss of stockholder’s equity as stockholders sell their stock or the loss of credit sources as the company’s reputation becomes known. If the conducted violations meet the standards that have been set forth to describe criminal activity, legal action could be taken. This could result in fines, forfeiture of the business, and/or incarceration for any person involved in the fraud. When a person or persons participate willfully in unethical, fraudulent activity, the consequences can be severe. In addition to these consequences, new legislation says there will not be any more government bailouts in the event of future economic crises. This is motivation for a business to abide by full disclosure in order to self-sustain the business. These...

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