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DEPARTMENT OF THE AIR FORCE CIVIL ENGINEER CENTER INSTALLATION RESTORATION PROGRAM OTIS AIR NATIONAL GUARD BASE, MA 02542132028 January 2021 AFCE/JCC 322 East Inner Road Otis ANG Base, MA 025421320

How to fill out explanation of significant differences

How to fill out explanation of significant differences

1. Start by identifying the purpose of the explanation of significant differences.
2. Provide a brief overview of the project or analysis.
3. Clearly state the differences between the current results or conditions and the previous results or conditions.
4. Explain the reasons or causes behind these differences.
5. Provide any supporting evidence or data to validate the explanation.
6. Summarize the overall implications or impact of these differences.
7. Conclude by highlighting any potential mitigation measures or actions to address the differences.
8. Review and revise the explanation for clarity and accuracy.

Who needs explanation of significant differences?

1. Regulatory agencies
2. Project stakeholders
3. Investors or financial institutions
4. Auditors or compliance officers
5. Legal or litigation teams

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What is explanation of significant differences?

An explanation of significant differences is a document that outlines notable variances between projected and actual financial metrics or performance indicators, providing context and rationale for these discrepancies.

Who is required to file explanation of significant differences?

Entities that have experienced substantial variances in financial reporting compared to their previously stated projections are generally required to file an explanation of significant differences.

How to fill out explanation of significant differences?

To fill out an explanation of significant differences, begin by clearly stating the metrics involved, detail the discrepancies, provide explanations for each difference, and support the reasons with data or context if available.

What is the purpose of explanation of significant differences?

The purpose of an explanation of significant differences is to provide transparency to stakeholders, clarify the reasons behind variances, and maintain credibility in financial reporting.

What information must be reported on explanation of significant differences?

The report must include specific financial figures for both projected and actual performance, a description of the differences, the reasons for the variances, and any relevant contextual information.