All illegal acts should be disclosed in the notes to the financial statements.

Name: All illegal acts should be disclosed in the notes to the financial statements.
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Question

Quizplus · Accepted Answer

Only material illegal acts that have a significant impact on the financial statements need to be disclosed in the notes to the financial statements. Disclosing all illegal acts, regardless of materiality, could potentially harm the company's reputation and legal position.

All Illegal Acts Should Be Disclosed in the Notes to the Financial