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SEC proposes disclosures about critical accounting estimates, policies

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01 May 2002

The US SEC is proposing that registrants disclose, in the Management Discussion and Analysis (MD&A) section of their financial reports, information about the critical accounting estimates that are made by the company in applying its accounting policies.

The Commission is also proposing expanded disclosures about the initial adoption of an accounting policy. The disclosures would apply to both domestic and foreign registrants. Click for News Release. As part of its Improvements Project, IASB is expected to propose amending IAS 1 to require disclosure of key assumptions and judgements made by management in applying those accounting policies that have the most significant effect on the amounts of items recognised in the financial statements.

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