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NATIONAL ASSOCIATION OF RETIRED POLICE OFFICERS LONDON BRANCH FINANCIAL STATEMENTS 31st DECEMBER 2020NATIONAL ASSOCIATION OF RETIRED POLICE OFFICERS LONDON BRANCH FINANCIAL STATEMENTS 31st DECEMBER
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Notes to financial statements are explanations and additional information provided with financial statements that clarify accounting policies, provide context, and enhance understanding of the financial position of a company.
Generally, companies that are publicly traded or those that meet certain thresholds of assets and revenues are required to file notes to their financial statements as part of their compliance with accounting standards.
To fill out notes to financial statements, companies need to follow generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), include relevant disclosures, and ensure clarity and completeness in their explanations.
The purpose of notes to financial statements is to provide detailed information that supplements the financial statements, helping users better understand the company’s financial condition, accounting policies, and any risks or uncertainties.
Information that must be reported includes significant accounting policies, details about specific accounts, contingent liabilities, and any events occurring after the reporting period that might influence the financial statements.
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