 |  Accounting: What the Numbers Mean, 5/e David H. Marshall,
Millikin University
Wayne W. McManus,
International College of the Cayman Islands
Daniel F. Viele,
Webster University
Explanatory Notes and Other Financial Information
Chapter 10 Learning ObjectivesAfter studying this chapter, you should understand:
1.That the explanatory notes are an integral part of the financial statements; the notes provide detailed disclosure of information needed by users wishing to gain a full understanding of the financial statements. |
| | | 2.The kinds of significant accounting policies that are explained in the notes. |
| | | 3.The nature and content of disclosures relating to:-
Accounting
changes.
-
Business
combinations.
-
Contingencies
and commitments.
-
Events
subsequent to the balance sheet date.
-
Impact of
inflation.
-
Segment
information.
|
| | | 4.The role of the Securities and Exchange Commission, and some of its reporting requirements. |
| | | 5.Why a statement of management's responsibility is included with the notes. |
| | | 6.The significance of management's discussion and analysis of the firm's financial condition and results of operations. |
| | | 7.What is included in the five-year (or longer) summary of financial information. |
| | | 8.The meaning and content of the independent auditors' report. |
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2002 McGraw-Hill Higher Education