F2-M4-Notes to Financial Statement

Question 1

Identify the contents of the Summary of Significant Accounting Policies note to the financial statements

Answer 1

Summary of Significant Accounting Policies

Identify and describe:
1. Measurement bases used in preparing the financial statements
2. Specific accounting principles and methods used

Question 2

What are the US GAAP disclosure requirements for risks and uncertainties

Answer 2

1. Nature of operations
2. Use of estimates in preparing the financial statements
3. Significant estimates
4. Current vulnerability due to certain concentrations