Notes to Financial Statements Sample
(Name of the Corporation)
Notes to Financial Statements
For the year ended (Date)
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1. CORPORATE INFORMATION (This portion will depend on the nature of the business)
(Corporation’s Name) is a duly registered non stock corporation under registration number (Registration Number) and its principal office is located at (Address). The amended articles of incorporation were approved on (Date of Approval) and the expiration is on (Date of Expiration).
The purpose of the corporation are as follows: (purpose)
The total membership fund of the non stock corporation is (Amount) derived from the contributions and donations of the members.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principal accounting policies applied by the company in the preparation of its financial statements are enumerated below and are consistently applied to all the years, unless otherwise stated.
Basis of Preparation
The company’s financial statements have been prepared under the historical cost basis, except for those relating to the classification and measurement of financial instruments.
The following revised standards were also adopted in 2006 but had no material impact on the company’s financial statements. Required disclosures were included in the financial statements where applicable.
PAS 1 “ Presentation of Financial Statements ”
PAS 7 “ Cash Flow Statements ”
PAS 8 “ Accounting Policies, Changes in Accounting Estimates and Errors ”
PAS 10 “ Events after the Balance Sheet Date ”
PAS 12 “ Income Taxes ”
PAS 16 “ Property and Equipment ”
PAS 18 “ Revenue ”
PAS 32 “ Financial Instruments: Disclosure and Presentation “
PAS 37 “ Provisions, Contingent Liabilities and Contingent Assets “
PAS 39 “ Financial Instruments: Recognition and Measurement “
* PAS 1 “ Presentation of Financial Statements “ – provides a framework within which an entity assesses how to present fairly the effects of
Notes to Financial Statements
For the year ended (Date)
-------------------------------------------------
1. CORPORATE INFORMATION (This portion will depend on the nature of the business)
(Corporation’s Name) is a duly registered non stock corporation under registration number (Registration Number) and its principal office is located at (Address). The amended articles of incorporation were approved on (Date of Approval) and the expiration is on (Date of Expiration).
The purpose of the corporation are as follows: (purpose)
The total membership fund of the non stock corporation is (Amount) derived from the contributions and donations of the members.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principal accounting policies applied by the company in the preparation of its financial statements are enumerated below and are consistently applied to all the years, unless otherwise stated.
Basis of Preparation
The company’s financial statements have been prepared under the historical cost basis, except for those relating to the classification and measurement of financial instruments.
The following revised standards were also adopted in 2006 but had no material impact on the company’s financial statements. Required disclosures were included in the financial statements where applicable.
PAS 1 “ Presentation of Financial Statements ”
PAS 7 “ Cash Flow Statements ”
PAS 8 “ Accounting Policies, Changes in Accounting Estimates and Errors ”
PAS 10 “ Events after the Balance Sheet Date ”
PAS 12 “ Income Taxes ”
PAS 16 “ Property and Equipment ”
PAS 18 “ Revenue ”
PAS 32 “ Financial Instruments: Disclosure and Presentation “
PAS 37 “ Provisions, Contingent Liabilities and Contingent Assets “
PAS 39 “ Financial Instruments: Recognition and Measurement “
* PAS 1 “ Presentation of Financial Statements “ – provides a framework within which an entity assesses how to present fairly the effects of