GASB Concepts Statement No. 3, Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements, states that
A) Notes to the financial statements may include management's objective explanations
B) Required supplementary information must be objective and may not include predictions or subjective assessments
C) Disclosure in the notes is not an adequate substitute for recognition in the financial statements
D) All of the above are correct

Question

Quizplus · Accepted Answer

All of the above statements are correct according to GASB Concepts Statement No. 3. Notes to the financial statements may include management's objective explanations, required supplementary information must be objective and may not include predictions or subjective assessments, and disclosure in the notes is not an adequate substitute for recognition in the financial statements.