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Reference Manual Appendix 32015Sample Notes to Financial StatementsNote 1 Summary of accounting policies:The financial statements of name of the school district (the “District “) have been prepared
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Note 1 - summary is a section in financial statements that provides a brief overview of the company's accounting policies and key financial data.
All companies that are required to prepare financial statements according to accounting standards must include note 1 - summary.
Note 1 - summary should be filled out by disclosing relevant accounting policies, significant estimates and judgements, as well as key financial data in a clear and concise manner.
The purpose of note 1 - summary is to provide transparency and clarity regarding the company's accounting policies, key financial data, and significant estimates.
Information such as accounting policies, significant estimates, judgements, and key financial data must be reported on note 1 - summary.
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