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This section is of
course listed under Title IV of the act (Enhanced Financial
Disclosures), and pertains to 'Disclosures in Periodic Reports'.
Summary of Section 401
Financial statements
are published by issuers are required to be accurate and
presented in a manner that does not contain incorrect statements
or admit to state material information. These financial
statements shall also include all material off-balance sheet
liabilities, obligations or transactions.
The Commission was
required to study and report on the extent of off-balance
transactions resulting transparent reporting. The Commission is
also required to determine whether generally accepted accounting
principals or other regulations result in open and meaningful
reporting by issuers. |