What are some examples of common notes to financial statements?

The following are the common items that appear in the notes to the financial statements:

• Basis of presentation.
• Accounting policies.
• Depreciation of assets.
• Valuation of inventory.
• Subsequent events.
• Intangible assets.
• Consolidation of financial statements.
• Employee benefits.

How do you make financial statements in the Philippines?

How to Prepare an Income Statement

1. Put the heading. The heading includes the name of the entity (individual or company), name of the financial statement (income statement), and the reporting period (e.g., for the year ended December 31, 2011).
2. Present the revenues or sales.
3. Present your expenses.
4. Compute the net income.

What are the notes to the financial statements required to include?

Agencies must sequence notes by number/topic as indicated in the left navigation. Each note includes a Sample. The Sample shows what is required for fair presentation in conformance with GAAP. The note samples include required formatting for certain disclosures. The disclosures within each note vary based on each agency’s situation.

What does PFRs stand for in Philippine accounting standard?

Abbreviations PFRS1p37 = Philippine Financial Reporting Standard 1, paragraph 37 7p22 = Philippine Accounting Standard 7, paragraph 22 SIC-15p5 = Standing Interpretations Committee 15, paragraph 5 DV = Disclose Voluntary. Disclosure is encouraged but not required and, therefore, represents best practice.

What should be included in an illustrative consolidated financial statement?

Certain items that may or may not apply to a particular reporting entity may have been included in these illustrative corporate consolidated financial statements. For example, if the reporting entity does not have material operating leases, disclosure of the accounting policy for operating leases need not be included.

When do financial statements reflect the effect of Accounting Standards?

These illustrative financial statements do not therefore reflect the effect of the standards that may be issued after October 31, 2013 (see Appendix IA for the complete list of standards and interpretations used as the basis for the accounting policies).