Answer
ideally, summary of significant accounting policies is a statements that is normally indicates the basic accounting principles used by that enterprise.
Notably, this note should be very useful from a comparative viewpoint since it should be easy to determine whether the company uses the same accounting policies as other companies in the same industry.
Work Step by Step
Its also important to note that they indicate the key policies being followed by the accounting department and its normally placed near the begging of the footnotes and its mandated by the accounting framework IFRS and GAAP
