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If the information cannot be disclosed in a relatively short and concise parenthetical explanation, a note disclosure is used. For example, see the following.

Example—Internal Reference to Note

Inventories (see note 1)

$2,550,000

The notes to the financial statements would contain the following:

 Note 1: Inventories are stated at the lower of cost or market. Cost is determined using the first‐in, first‐out (FIFO) method.