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Prepared in accordance with section 15 of the Broader Public Sector Accountability Act , 2010 (BPSAA)TO:The Board of Grand River Hospital, (the Board)FROM:Malcolm Maxwell President and CEO Grand River
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Prepared financial statements or documents are generally prepared in accordance with established accounting standards, such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).
Corporations, partnerships, and other entities that have financial reporting obligations to shareholders, government agencies, or regulators are required to file documents prepared in accordance with these standards.
Filling out prepared financial statements involves collecting relevant financial data, applying the appropriate accounting principles, and ensuring that all required disclosures are included in accordance with the applicable standards.
The purpose of preparing financial statements in accordance with recognized standards is to ensure consistency, reliability, and transparency in financial reporting, allowing stakeholders to make informed decisions.
Prepared financial statements must report information such as the entity's assets, liabilities, equity, revenue, expenses, and cash flows, along with relevant notes and disclosures.
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