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Current Attempt in Progress A Special Committee on Financial Reporting proposed the following constraints related to financial reporting For each item, state how the proposed constraint addresses concerns about the costs and benefits of financial reporting 1. Business reporting should exclude information outside of management's expertise or for which management is not the best source. such as information about competitors. likely exceed the 2. Management should not be required to report information that would significantly harm the company's competitive position. likely exceed the 3.Management should not be required to provide forecast financial statements. Rather management should provide information that helps users forecast for themselves the company's financial future. likely exceed the 4. Other than for financial statements, management need report only the information it knows. That is management should be under no obligation to gather information it does not have, or does not need in order to manage the business likely exceed the 5. Companies should present certain elements of business reporting only if users and management agree they should be reported-a concept of flexible reporting likely exceed the A Special Committee on Financial Reporting proposed the following constraints related to financial reporting For each item, state how the proposed constraint addresses concerns about the costs and benefits of financial reporting 1. Business reporting should exclude information outside of management's expertise or for which management is not the best source such as information about competitors. likely exceed the v 2 Benefits should not be required to report information that would significantly harm the company's competitive position Costs likely exceed the 3. Management should not be required to provide forecast financial statements. Rather, management should provide information that helps users forecast for themselves the company's financial future. likely exceed the 4. Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need in order to manage the business. likely exceed the 5. Companies should present certain elements of business reporting only if users and management agree they should be reported-a concept of flexible reporting likely exceed the Suve for Attempts: 0 of 5 used Submit Answer View Policies Current Attempt in Progress A Special Committee on Financial Reporting proposed the following constraints related to financial reporting For each item, state how the proposed constraint addresses concerns about the costs and benefits of financial reporting 1. Business reporting should exclude information outside of management's expertise or for which management is not the best source, such as information about competitors. likely exceed the 2. Management should not be requl benefits hformation that would significantly harm the company's competitive position likely exceed the costs 3. Management should not be required to provide forecast financial statements. Rather management should provide information that helps users forecast for themselves the company's financial future kely exceed the 4. Other than for financial statements, management need report only the information it knows. That is management should be under no obligation to gather information it does not have, or does not need in order to manage the business. likely exceed the 5. Companies should present certain elements of business reporting only if users and management agree they should be reported concept of flexible reporting likely exceed the Save for later Attempts: 0 of 5 used Submit