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Board members value disclosures not currently required

Tammy Whitehouse | October 19, 2016

While board members seem dissatisfied with the state of financial statement disclosure today, many seem to place greatest value on disclosures that are not explicitly required.

A recent survey by audit firm BDO USA shows 70 percent of board members who participated in the poll believe financial statement disclosures are so voluminous, it’s difficult to decide which information is most important. At the same time, when asked to identify disclosures that are most meaningful for investors, half identified critical audit matters that involve complex judgments on material issues, which are not currently required but likely will be required in the future by Public Company Accounting Oversight Board.

The PCAOB issued a proposal in 2013 and...

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