The adequacy of a company's disclosure is based on:
A)Laws established by Congress.
B)IRS rules and FASB requirements.
C)A combination of official rules,tradition,and professional judgment.
D)The needs of stockholders and creditors.

Question

Quizplus · Accepted Answer

The adequacy of a company's disclosure is based on a combination of official rules, tradition, and professional judgment. While laws established by Congress, IRS rules, and FASB requirements play a role in shaping official rules, it is ultimately up to the company and its professionals to exercise professional judgment to provide disclosure that meets the needs of stockholders and creditors.

The Adequacy of a Company's Disclosure Is Based On