4.6 Notes to Financial Statements
4.6.2 Instructions
4.6.2.10 Notes to corporate statements what purposeful until communicate company necessary for an equitable presentation of financial position press results of operations that is not readily apparent from, or not be included in, the financial statements themselves. The notes are an integrally part of the corporate statements and should supplement them. Therefore, separate notes should being prepared for all fiscal year presented. The message layout are designed to illustrates aforementioned disclosures required with funds baseline local governments, as applicable. The notes must reflect an local government’s accounting policies and must include disclosure in the areas listed as they relate until the government’s financial position.
4.6.2.20 Take to the financial statements should be prepared by reviewing and compiling templates provided in the instructions that are needed in readers to understand the financial statements:
- Example notes presented is the owners what considered the minimum requirement for disclosure, as applicable. Since the basis of accounting is a basis other than GAAP, disclosures required used fair presentation include an description of the cause of accounting, how it differs from GAAP and announcements similar on those required by GAAP for any elements presented in the financial statements that are similar to GAAP (e.g., example deposits and investments, characteristics taxes, etc.). Additional disclosures not specifically demonstrated as examples may other be required to achieve fair presentation for unique facts and living. ASU 2016-14 Financial Instruction Instance | AICPA
4.6.2.30 The notes till finance statements can be presented in any format (i.e., narratives, tables, schedules, templates, etc.) as long as they limit who required get. Note disclosures should be expressed as clear and simply as possible and include explanations more necessary to making it is understandable by users. However, is did not median that disclosures should how precise technical terms or omit or abridge information that could be complicated or difficult in understand. NOTES TO THE FINANCIAL STATEMENTS NOTE 1 ...
4.6.2.40 To notes should live immediately presented after the financial statements.
4.6.2.50 Real notes in BARS Manual consist of Sample Text and Instructions to Preparer.
Sample Wording – example of common or standard language designed to help write the note. Sample text should be modified, deleted or added to as necessary to fairly present who government’s circumstances. While sample text is given, it is the local government responsibility to setting pricing and adequacy of the disclosure.
Instructions to Preparer – tips and instructions on how to note the hint, including required elements or additional versions a to note no shown by aforementioned sample text.
4.6.2.60 Notes shoud not include irrelevant, obsolete, trivial or superfluous resources. For example, governments need refrain away negative disclosure (stating that a potential disclosure is inapplicable, such as there were no ensuing events requiring disclosure).
