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Corporate Governance, Explanatory Notes, And Other Disclosures

Corporate Governance, Explanatory Notes and Other   Disclosures

Corporate Governance

Governance activities and the signals they send to the marketplace     form the public’s perception of the entity’s acknowledgment     and performance of its citizenship responsibilities.

Business ethics, social responsibility, equitable treatment     of stakeholders, full and fair disclosure, and the responsibility of the     board of directors and its various committees are at the core of the governance     concept.

The Sarbanes-Oxley Act (SOX) of 2002 is the most powerful     legislation to date to have been created due to recent corporate governance     failure.

Explanatory Notes to Financial Statement

Readers must be able to learn about the following issues     that affect their ability to understand financial statements:

  • Depreciation Methods
  • Inventory Cost Flow Assumptions
  • Current and Deferred Income Taxes
  • Employee Benefit Information
  • Earnings Per Share of Common Stock Details
  • Stock Option and Stock Purchase Plan Information

Other Explanatory Note Disclosures

  • Management’s statement of responsibility
  • Management’s discussion and analysis

Independent Auditors’ Report

The Independent Auditors’ Report helps ensure that financial statements     present fairly, in all material respects, the financial position and results     of operation of an entity.

Auditors do not guarantee that financial statements are free from error     or fraud.

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