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Note: This shell is a guide for preparing your annual footnotes to the financial statements when filed on the OCHOA Basis. These footnotes are not all-inclusive and might include disclosures not applicable
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Note 1 - description is a section in financial statements that provides details on the significant accounting policies used by an organization.
All organizations that prepare financial statements in accordance with accounting standards are required to include note 1 - description.
Note 1 - description should be filled out by summarizing the accounting policies used by the organization, including any changes made during the reporting period.
The purpose of note 1 - description is to provide transparency and understandability to the financial statements by explaining the basis on which the statements are prepared.
Information such as the measurement bases used, revenue recognition policies, depreciation methods, inventory valuation methods, and any significant accounting judgements and estimates must be reported on note 1 - description.
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