Footnotes (Notes to the Financial Statements) serve to clarify and provide additional detail about the financial statements. Key components include:
Summary of significant accounting policies (e.g., measurement focus, basis of accounting)
Details on capital assets, long-term liabilities, commitments, contingencies
Pension/OPEB disclosures
Not performance metrics or audit opinions (those are in MD&A and audit reports)
Relevant References:
GASB Codification Section 2300 – Notes to Financial Statements
GFOA Best Practices – Financial Reporting and Disclosure
Answer: C. a summary of significant accounting policies.
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