The number of disclosure requirements has been reduced substantially. Does this mean a private enterprise should expect to reduce the number of notes accordingly?
Not necessarily. While the specific number of requirements has been reduced by approximately one-half, it may not be the case that all private enterprises will see a similar reduction in the disclosures they provide. This is because: • disclosures are dependent on the specific transactions and activities undertaken by an enterprise; and • the overall fair presentation requirements in Section 1400, General Standards of Financial Statement Presentation, may result in entities providing disclosures above and beyond those specifically required under accounting standards for private enterprises.
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