1. Explain the importance of the notes to the financial statements and providethree examples of "required" footnotes.
2. What is the purpose and definition of an auditor's report and explain the role of the auditor with respect to financial statements and footnotes.
3. Why are the notes to the financial statements an integral part of the financial statements? Provide an example of what might be in the notes.
4. What is included in the summary of significant accounting policies disclosure? Provide an example of what might be included.
5. How does the role of the FASB differ from that of the Securities and Exchange Commission with regard to the establishment of accounting standards?