Major Footnote Disclosures

The Notes are considered part of the basic financial statements, they amplify or explain information recognized in the statements and are an integral part of statements prepared in accordance with GAAP. Notes should not be used to correct improper presentations. The financial statements should be presented correctly on their own.

The basic financial statements and the related disclosures complement each other; they describe different aspects of the same transactions.

The first footnote accompanying any set of complete financial statements is generally one describing summary of significant accounting policies, such as:

• The use of estimates.
• Rules for revenue recognition.
• Depreciation methods employed by the company.
• Principles and methods peculiar to the industry in which the company operates, when these principles and methods are predominantly followed in that industry.
• Methods used for inventory cost flow (FIFO, LIFO, weighted average) and using LCM.