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EXPLANATION OF SIGNIFICANT DIFFERENCE GENERAL CIRCUITS, INC. SITE City of Rochester1.0/ Monroe County / Site No. 828085 / December 2020 Prepared by the New York State Department of Environmental Conservation
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Identify the key areas or significant points that need explanation.
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Gather data and evidence to support each significant point.
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Use clear and concise language to describe each point.
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An explanation of significant refers to a detailed account that clarifies important facts or elements of a situation, transaction, or event that has a notable impact. It is often used in financial reporting and compliance to provide context and insights into specific activities.
Entities that engage in activities or transactions that significantly affect their financial statements or operations are typically required to file an explanation of significant. This includes corporations, financial institutions, and organizations subject to regulatory oversight.
To fill out an explanation of significant, one should provide a comprehensive narrative that covers key aspects such as the nature of the significant event, its impact on financial results, reasons for its occurrence, and any related changes in policies or practices.
The purpose of an explanation of significant is to enhance transparency and provide stakeholders with a clear understanding of events or circumstances that could influence decision-making. It helps in communicating the implications of significant occurrences effectively.
An explanation of significant should report information such as the date of occurrence, a description of the event, the reasons for its significance, quantitative and qualitative impacts on operations or finances, and any actions taken or proposed in response.
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