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Q9-14. Describe and illustrate the kind of information that should be reported in notes to the financial statements.

Notes to the financial statements should contain information regarding the financial position of the government. They should illustrate the accounting policies and strategies of the organization, explanations of the amounts reported on the financial statements, and information regarding the inflows and outflows that are not reported on the financial statements.

Key information to include:

• Accounting policies
  • Basis of accounting
  • Method of inventory valuation
  • Depreciation methods
  • Revenue recognition methods
• Estimate and assumptions
  • Allowance for doubtful accounts
  • Fair value estimations
  • Contingent liabilities
• Specific Items:
  • Lease agreements
  • Contracts or commitments
  • Capital expenditures
  • Postemployment benefits (i.e. pension, health insurance)
  • GASB

Q9-3. List the major components of the financial section of an annual comprehensive financial report.

There are 5 components to the financial section of the financial report. Those 5 components are:

1. Auditor's report
2. Management's Discussion and Analysis (MD&A)
3. Basic Financial Statements
4. Required Supplementary Information Other Than MD&A
5. Combining Statements, Individual Fund Statements, and Schedules