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Quality Financial Reporting for the General Counsel


In the last two columns, we introduced the paradigm-changing strategy of Quality Financial Reporting that involves a whole new attitude toward providing financial information to the capital markets. While traditional thinking causes management to be satisfied with providing the least amount of information allowable under GAAP and SEC regulations as infrequently as possible, QFR calls for reporting larger quantities of more useful information with greater frequency.

The previous column described inadequacies of current practice and encouraged CFOs to quit assuming they reduce uncertainty by using PEAP, WYWAP, and POOP in their statements. (See Part Two). This week, we look at QFR's impact on the activities and thought patterns of a corporation's General Counsel and other legal experts.

Rules of Procedure

Understandably, a...

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