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This document contains the comprehensive financial statements of the Port Authority of New York and New Jersey for the year ending December 31, 2020, audited by KPMG LLP. It includes details about the organization\'s financial position, operating revenues and expenses, net pension liabilities, and other related financial obligations, highlighting the impact of the COVID-19 pandemic on operations and revenues.

How to fill out financial statements appended notes

How to fill out financial statements appended notes

1. Gather all financial data and documentation relevant to the financial statements.
2. Start by reviewing the main financial statements: balance sheet, income statement, and cash flow statement.
3. Identify the specific areas in the financial statements that require additional explanation or clarification.
4. Create a list of notes that correspond to each statement, detailing important accounting policies, estimates, and assumptions used.
5. Include information about any significant transactions, events, or changes that may affect the understanding of the financial statements.
6. Ensure that the notes are clearly organized and numbered according to their reference in the financial statements for easy navigation.
7. Review the notes for accuracy, clarity, and completeness, ensuring they comply with relevant financial reporting standards.
8. Have a qualified individual, such as an auditor or accountant, review the notes for compliance and accuracy before finalizing.

Who needs financial statements appended notes?

1. Business owners and management who use financial statements to make informed decisions.
2. Investors and shareholders seeking insights into the company's financial health and performance.
3. Creditors and lenders who evaluate the company's risk for loan approvals and terms.
4. Regulatory bodies that require compliance with financial reporting standards.
5. Potential buyers or acquirers interested in understanding the financial position of a company.
6. Financial analysts and accountants who perform assessments based on the financial statements.

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What is financial statements appended notes?

Financial statements appended notes are additional explanations and disclosures that accompany financial statements, providing more detailed information about the figures presented.

Who is required to file financial statements appended notes?

Companies that are required to file financial statements in accordance with accounting standards or regulatory requirements must also include appended notes.

How to fill out financial statements appended notes?

To fill out financial statements appended notes, one should identify relevant disclosures, provide detailed explanations of significant accounting policies, and include any contingencies, risks, and additional insights that enhance the understanding of the financial statements.

What is the purpose of financial statements appended notes?

The purpose of financial statements appended notes is to provide clarity, context, and additional information regarding the numbers in the financial statements, helping users make informed decisions.

What information must be reported on financial statements appended notes?

Information that must be reported includes accounting policies, detailed explanations of significant transactions, contingencies, related party transactions, and other relevant information that affects the understanding of the financial statements.