The convention of disclosure requires that all material facts must be

disclosed Disclosed (揭秘) is a Singaporean Chinese investigative thriller drama which started on 28 October 2013, focusing on cybercrime cases which involve Internet fraud, celebrity privacy, online money laundering and such. It stars Tender Huang , Je ...

in the

financial statement Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...

s. For example, in the case of sundry debtors, not only the total amount of sundry debtors should be disclosed, but also the amount of good and secured debtors, the amount of good but unsecured debtors and amount of doubtful debts should be stated.This does not mean disclosure of each and every item of information. It only means disclosure of such information which is of significance to owners, investors and creditors.

See also