nancial Statement Disclosure $-$ Common Issues $-$ Google Chrome

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Financial Statement Disclosure $-$ Common Issues

Exam Question $15$ of $25$

Select the best answer.

Comfort House must decide whether to disclose sources of revenue in its financial statements and how much information to include if it does make the disclosure. Which of the following pieces of advice might prove helpful in making this decision?

A$.$ If loss of the source would adversely affect key operating statistics by a material amount, the source should be disclosed.

B$.$ If the source is to be disclosed, its name and relevant information should be included.

C$.$ If the source is disclosed in the statements, a note disclosure is also required.

D$.$ The disclosure will include details of the contingency plans.