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Ebook Accounting - What the numbers mean (10th edition): Part 2

(BQ) Part 2 book "Accounting - What the numbers mean" has contents: Corporate governance, notes to the financial statements, and other disclosures; financial statement analysis; managerial accounting and cost–volume–profit relationships; cost accounting and reporting, cost planning, costs for decision making,.and other contents. | 10 Corporate Governance, Notes to the Financial Statements, and Other Disclosures The principal objectives of this chapter are to help you understand the issues of corporate governance and to enable you to make sense of the notes and other financial information found in most corporate annual reports. A brief discussion of several recent corporate governance developments is provided to give you a sense of the current regulatory environment and to help establish the background necessary for your study of the notes. The role of the Public Company Accounting Oversight Board (PCAOB) as the watchdog of the accounting and auditing profession is examined in the context of financial reporting. Yet despite the heightened awareness of corporate governance issues in recent years, a wide variety of financial reporting misstatements continue to escape the attention of independent auditors; some of the reasons for these misstatements will be explored. Because of the complexities related to financial reporting and because of the number of alternative generally accepted accounting principles that can be used, notes to the financial statements are included as an integral part of the financial statements. As explained in Chapter 2, the full disclosure concept means that companies are required to report all necessary information to prevent a reasonably astute user of the financial statements from being misled. The notes, or financial review, are referred to on each page of the individual financial statements and are presented immediately following the financial statements. In the Campbell Soup Company 2011 annual report in the appendix, the notes to the consolidated financial statements are on pages 715–750. At first glance the notes to the financial statements can appear quite intimidating because they frequently require more pages than the financial statements themselves, contain a great deal of detailed information, and include much financial management terminology. However, the .