Abstract
The SEC's May 1989 Interpretive Release on disclosure in Management's Discussion and Analysis of Financial Condition and Results of Operations helped spark intense scrutiny of the accounting treatment and disclosure of environmental uncertainties, unrealized market losses on investment securities, and other known matters that may be expected to affect future financial results. Since the Release, MD&A disclosure of forward-looking information has increased, but the limits of required disclosure of such information remain uncertain and highly controversial, despite the continued emphasis by the SEC on such disclosure.
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