Question: At a minimum, we believe an effective disclosure framework is comprised of three basic elements: (1) a description of the transactions reflected in financial statement

At a minimum, we believe an effective disclosure framework is comprised of three basic elements: (1) a description of the transactions reflected in financial statement captions, (2) a discussion of the relevant accounting provisions, and (3) an analysis of the key supporting judgments, risks, and uncertainties.65 In the following commentary, we focus largely on the third element

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