Item 25 of the registration regulations under the Securities Act of 1933 requires the registrant to "submit balance sheets . . . as of a date within ninety days of the filing of the registration statement." The approximate form which such balance sheets are to take is indicated in the regulations, as well as the manner of certification required. So far as the form of the balance sheet proper is concerned, it is doubtful whether item 54 presents any new or startling innovations, but when the balance sheet and the supplementary schedules required to be appended thereto are considered, it is apparent that the effect of item 54 on the accepted and conventional conception of what constitutes "full and fair disclosure" in a balance sheet has been considerable.
Paul R. Trigg Jr.,
SECURITIES LEGISLATION - ACCOUNTING PRACTICE AND THE SECURITIES ACT OF 1933,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol37/iss2/7