P15-1

(Notes to the Financial Statements) Obtain a recent CAFR or the Basic Financial Statements of a state or local government (SLG).

Required

Study the Basic Financial Statements and related notes, make a copy of or prepare a table of contents to the notes, and answer the following questions from a note disclosure perspective:

1.What information can one learn about the state or local government from the notes that is not apparent from the face of the financial statements?

2.Pretend there were no notes. To what extent would the Basic Financial Statements be less useful? Why?

3.Which notes did you find the most interesting and useful? Why?

4.Which notes did you consider less useful? Why?