Are Management Discussion Analysis, Financial Statement Notes and Supplementary Notes required by law?
Law…not really. Required by the SEC…yes. SEC regulations are not laws as far as I know.
SEC are laws. They are a branch of the government. NASD/GAAP are not laws, moreover regulations that are passed. They do not have the right to imprison someone, but they can charge fines for voiolation. I am not sure about the answer to the initial question if the MDA, footnots, sup notes are required by law. I’m guessing not required by law, but required by GAAP/NASD I’m not so sure about.
They are required for public companies I am thinking.
Financial statement notes are required by GAAP. That’s why at the botton of the financila statements it always says “The accompanying notes are an integral part of these financila statements”. The rest is required by the SEC for companies issuing public securities. If consider that required by law, then there you have it.
yes, see LOS 31.e and IAS No. 1