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Statement (FD) under the Ethics in Government Act are permitted by federal law to request an extension of up to 90 days. Filers may request an extension for their FD by filing this form on or before the applicable filing deadline. (For the 2011 annual report the deadline is May 15, 2012.) An FD filed under an approved extension is not considered late. However, by law, an individual who files a report more than 30 days after it is due without having received an extension must pay a $200 late fil.
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Referenced FAQ
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What is the purpose? The purpose of the FDS is to provide transparency about the private interests and activities of public officials and their relatives which could, among other things, help identify potential conflicts of interest.
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Proper disclosure by corporations is the act of making its customers, investors, and analysts aware of pertinent information. Companies often place disclosures that protect them in case their financial forecasts are wrong due to changing economic conditions.
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Ensures transparency Increased transparency in the corporations' operations and management makes it easier for investors to make informed decisions. It also cuts down on the possibility of manipulation or misuse of investors' funds.
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Full financial disclosure generally includes at least the following information: Income Tax Returns for the last 3 years; Notices of Assessment and/or Reassessment for the last 3 years; If an employee, a copy of each of the 3 most recent statements of earnings;
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This suggests that the higher the level of disclosure, the more information the company discloses and shows that there is nothing to hide in the company`s financial statements, this will reduce information asymmetry, thereby reducing the cost of capital.
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Disclosure requirements are crucial as they help investors and other stakeholders to make informed decisions about a company's financial performance and position. Failure to disclose the required information can lead to legal and financial consequences for the company.
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These reports are among the primary tools used by ethics personnel to determine whether employees are in compliance with the ethics and standards of conduct provisions covering a particular position. Compliance with financial disclosure requirements is a condition of employment.
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What is a Financial Disclosure Statement ("FDS")? A FDS is a publicly available record containing financial and professional information about the filer and his or her spouse for a calendar year.
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