Definitions (6)

1.Accounting: Statutory or good faith revelation of a material fact (or an item of information that is not generally known) on a financial statement or in the accompanying notes (footnotes).
2.Auditing: Compulsory reporting of all positive and negative information about the audited firm in an audit report. Its objective is to enable creditors and investors to draw an informed conclusion about the firm's financial position.
3.Banking: Statutory statement of complete information about a consumer or home mortgage loan. It is required to contain certain items of information such as (1) actual interest rate, (2) its computation, (3) itemized total of all charges and fees, and (4) minimum monthly payment.
4.Insurance: Statutory revelation by the applicant (in the application for an insurance policy) of all known information about the risk to be covered.

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