What accounting policies are disclosed in the notes accompanying a company’s financial statements? Why is this disclosure important?
State the accounting policies disclosed in the notes accompanying a company’s’ financial statements and explain the reason for which these disclosures are important.
Additional balance sheet disclosures:
It is not possible to report all the relevant information about the financial position of the company directly in the body of the financial statements. Therefore company can provide many disclosures in the notes accompanying its financial statements.
It is vital for the external users of the financial statements to know the accounting practices, policies and methods of a company. For this purpose, GAAP requires the company to disclose its important accounting policies in the note...
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