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Office of the State Auditor Annual Financial Reporting Form Cities Reporting using the GAAP Basis of AccountingCity of At water For the Fiscal Year Ended: December 31, 2017, Please complete this form

How to fill out notes to financial statements

How to fill out notes to financial statements

1. To fill out notes to financial statements, follow these steps:
2. Review the financial statements: Before you start filling out the notes, make sure you have a clear understanding of the financial statements and their components.
3. Identify the required notes: Determine which notes are necessary based on the accounting standards and regulations applicable to your organization.
4. Gather supporting information: Collect all the relevant data, documents, and other supporting information that will be required to complete the notes.
5. Organize the notes: Structure the notes in a logical manner, ensuring that they provide additional information and disclosures that complement the financial statements.
6. Include relevant details: Include necessary details, such as significant accounting policies, contingent liabilities, related party transactions, and any other relevant information that enhances the understanding of the financial statements.
7. Ensure clarity and accuracy: Review the notes for clarity and accuracy, ensuring that they adhere to the applicable accounting standards and provide meaningful information to the users of the financial statements.
8. Obtain necessary approvals: Seek appropriate approvals, if required, from relevant stakeholders such as management, auditors, or regulatory bodies.
9. Review and update regularly: Periodically review and update the notes to ensure they reflect any changes in accounting policies, regulations, or other relevant factors.
10. Attach the notes to the financial statements: Once completed, attach the notes to the corresponding financial statements before distributing them to the intended users.

Who needs notes to financial statements?

1. Notes to financial statements are needed by various stakeholders including:
2. - Shareholders and investors: Notes provide additional information and disclosures that help stakeholders make informed investment decisions.
3. - Regulators and government authorities: Notes assist regulators and authorities in monitoring compliance with accounting standards and regulations.
4. - Lenders and creditors: Notes provide insights into the company's financial health, risk exposure, and potential contingent liabilities, which help lenders assess creditworthiness.
5. - Analysts and researchers: Notes offer valuable data and explanations that aid analysts and researchers in performing financial analysis and conducting comprehensive research.
6. - Management and internal stakeholders: Notes facilitate internal decision-making processes and provide a comprehensive view of the financial performance and position of the organization.

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