Disclosures are required to elaborate on certain items that arepresented in summarized form in...

90.2K

Verified Solution

Question

Accounting

Disclosures are required to elaborate on certain items that arepresented in summarized form in the financial statements. There arespecific disclosure notes that are required to be present in allfinancial statements, while others may be unique to the disclosureneeds of a particular company. Let's start by discussing the threerequired disclosures. Please pick one and explain what informationis to be included in the note: Summary of Significant AccountingPolicies Subsequent Events Third Party Transactions

Answer & Explanation Solved by verified expert

4.0 Ratings (480 Votes)

Accounting Policies refer to the specific accounting principles bases conventions rules and practices applied by an entity in the preparation and presentation of Financial Statements At the time of preparation of financial statements an entity has a choice to choose an accounting policy in several See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingDisclosures are required to elaborate on certain items that arepresented in summarized form in the...Disclosures are required to elaborate on certain items that arepresented in summarized form in the financial statements. There arespecific disclosure notes that are required to be present in allfinancial statements, while others may be unique to the disclosureneeds of a particular company. Let's start by discussing the threerequired disclosures. Please pick one and explain what informationis to be included in the note: Summary of Significant AccountingPolicies Subsequent Events Third Party Transactions