Smith Inc. is a privately held manufacturing company located in Chicago, Illinois. Smith has a December 31^st year end. Smith is required to issue unaudited financial statements to its lending institution in order to comply with a loan from the lending institution. The CFO has asked you to review the financial statements for completeness/accuracy, etc. Upon review you noted that the 4 financial statements appear to be correct but noted that the footnotes were missing. Upon asking the CFO about the need for the footnotes he stated that the bank was familiar with Smiths accounting policies so the footnotes were not necessary.

Accounting Issue: Can Smith issue the financial statements without the accompanying footnotes?

Codification Reference: _____________________

Your interpretation of the guidance. i.e. can Smith issue the financial statements without the accompanying footnotes? Answer: Yes or No ___________________