Why is a summary of accounting policies important to ensuring the understandability of financial statements to users

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Why is a summary of accounting policies important to ensuring the understandability of financial statements to users of general purpose financial statements?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Applying International Financial Reporting Standards

ISBN: 978-0730302124

3rd edition

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

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