Read the part of Note 1 on the use of judgements, estimates, and assumptions. Why is this

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Read the part of Note 1 on the use of judgements, estimates, and assumptions. Why is this note included in the financial statements and why is it important? (In your answer discuss why estimates are necessary when CAE prepares its financial statements?) Explain why estimates can be difficult for managers to make.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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