1. Discuss the the significance of the notes to financial statements and tell me about the benefit of required supplementary information. For example, what are the notes intended to accomplish? What type of information might they include?
2. What notes does this CAFR include? Use the CAFR to provide an example that ties to something in your explanation of the notes.
Please use link from Cook County, IL 2007 to review Question
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Notes to financial statements are additional information provided in a company's financial statements; sometimes they are called footnotes. The purpose of the notes to the financial statements is to report details and information that are left out of the standard information in the balance sheet or income statement. The notes provide clarity and are a significant way of making the information in the ...
Explains the importance of financial statement notes.