Video: Disclosure of Special Transactions

In this lesson, Nick Palazzolo, CPA, unpacks the intricacies of disclosing special transactions in financial statements. Diving into the subtleties of related party transactions, he clarifies the distinctions between requirements in different tests, such as REG and FAR, and emphasizes the necessity for transparent disclosure. The lesson also delves deep into the financial reporting of contingencies, stockholder equity changes, marketable securities, and fair values. Nick addresses the importance of detailing the nature and financial specifics of transactions with related parties, illuminating the path for accurate reflections of a company’s financial position. Additionally, he covers the broader scope of notes in financial statements, guiding through the disclosure of material information not presented within the statements themselves, from industry changes to contractual obligations and segment reporting.