Q2. What is the relevance of disclosure principle in the accounting ?
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According to GAAP, the full disclosure principle ensures that the readers and users of a business's financial information are not mislead by any lack of information. ... The reason for not disclosing information could be to manipulate their financial statements to look stronger than the business actually is.
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Answer:
According to GAAP, the full disclosure principle ensures that the readers and users of a business's financial information are not mislead by any lack of information. ... The reason for not disclosing information could be to manipulate their financial statements to look stronger than the business actually is.
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