1.Business reporting should exclude information outside of management’s expertise or for which management is not the best source, such as information about competitors.
2.Management should not be required to report information that would significantly harm the company’s competitive position.
3.Management should not be required to provide forecasted financial statements. Rather, management should provide information that helps users forecast for themselves the company’s financial future.
4.Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.