Discussion Post
Evaluating disclosure requirements for financial reporting is one of this week's objectives. There is widespread agreement that disclosure requirements are increasing. Additionally, there is general industry consensus that the cost of disclosure can be expensive, whereas the benefits are typically difficult to assess.
Respond to the following in a minimum of 175 words:
1) Explain the benefits that the accounting profession gained after adopting a full disclosure principle.
2) Discuss some of the reasons why disclosure requirements are increasing.
3) Discuss possible industry reactions to firms that fail to adopt high-quality reporting policies.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.