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IFRS requires financial statements to include a balance sheet, income statement, changes in equity, cash flow statement, and footnotes.

Each project requires a unique SOW that outlines the specifics of that engagement. That said, almost all SOWs will include seven elements: the Scope of Work, deliverables, time and resources, payment terms, client services, changes, and terms and conditions.

Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures. They also help to explain any irregularities or perceived inconsistencies in year to year account methodologies.

Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements? The full disclosure principle requires businesses to disclose information that is relevant to the decisions of investors and creditors.

The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS). Footnotes are an integral part of the financial statements, so you must issue them to users along with the financial statements.

Footnotes are an important part of financial statements that are reviewed or audited by a CPA, but they're optional when financial statements are compiled or prepared in-house.

Common Types of Footnotes Examples can include unexpected changes from the previous year, required disclosures, adjusted figures, accounting policy, etc. Footnotes may also contain notable future activities that are expected to have a significant impact on the company's future.

Reviewed financial statements encompass an evaluation of the entity's financial statements, performing inquiry and analytical procedures, and obtaining moderate assurance that no relevant changes are necessary to the financial statements.