Which of the following statements regarding financial statement disclosures is FALSE?
A.
There is nothing inherently wrong with related-party transactions, as long as they are fully disclosed.
B.
Management must disclose potential losses from ongoing litigation if the related liability is highly likely.
C.
All information relating to the company must be disclosed in the financial statements, regardless of materiality.
D.
Events occurring after the close of the reporting period that could have a significant effect on the company’s financial position must be disclosed.
C. All information relating to the company must be disclosed in the financial statements, regardless of materiality.
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AML_1234
3 weeks, 4 days ago