According to the disclosure requirements outlined in Statement of Accounting Concepts No.5,the following is an example information that should be disclosed in the notes to financial statements because it is basic to the financial statements
A)Management discussion and analysis.
B)Accounting policies.
C)Segment information.
D)The auditor's report.

Question

Quizplus · Accepted Answer

Accounting policies are basic to the financial statements and should be disclosed in the notes to financial statements. The management discussion and analysis, segment information and the auditor's report are also important disclosures, but they are not considered as basic to the financial statements according to Statement of Accounting Concepts No.5.

According to the Disclosure Requirements Outlined in Statement of Accounting