1. Parenthetical disclosures

• Are used to highlight trends, such as five-year summaries
• Are generally used to describe the valuation basis of a particular financial statement element
• Cannot be used to provide information concerning the equity section of the balance sheet
• Are not considered an integral part of the financial statements

2. Professional codes of conduct delineate minimum standards for the practice of a profession. Violation of these standards makes a professional

• Unprofessional
• Immoral
• Unethical