Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015.
Sales of segments B and C included intersegment sales of $20,000 and $100,000, respectively.Instructions
|2.||What is the full disclosure principle in accounting? Why has disclosure increased substantially in the last 10 years|
Write a 700-word paper addressing the following:
- Answer Question 2 in Ch. 24 of Intermediate Accounting.
- Explain the need for full disclosure in financial reporting.
- Identify possible consequences of failing to properly disclose certain items in financial statements.